The Business End

Papua New Guinea Business Travel Guide - - News -

come from this in­ter­na­tional min­ing do­main. Mean­while, for the more hum­ble ar­eas of so­ci­ety, agri­cul­ture and farm­ing also re­main piv­otal to the coun­try’s sus­tain­abil­ity.

“Lo­cal de­vel­op­ers are hand­i­capped by years of de­fi­cient in­vest­ment in ed­u­ca­tion, health, ICT and ac­cess to fi­nance,” Wikipedia con­tin­ues. “Agri­cul­ture, for sub­sis­tence and cash crops, pro­vides a liveli­hood for 85 per­cent of the pop­u­la­tion and con­tin­ues to pro­vide some 30 per­cent of GDP.

“Min­eral de­posits, in­clud­ing gold, oil, and cop­per, ac­count for 72 per­cent of ex­port earn­ings. Oil palm pro­duc­tion has grown steadily over re­cent years (largely from es­tates and with ex­ten­sive out­grower out­put), with palm oil now the main agri­cul­tural ex­port.

“In house­holds par­tic­i­pat­ing, cof­fee re­mains the ma­jor ex­port crop (pro­duced largely in the High­lands prov­inces), fol­lowed by co­coa and co­conut oil/co­pra from the coastal ar­eas, each largely pro­duced by small­hold­ers and tea, pro­duced on es­tates and rub­ber.”

Un­der­pin­ning this - once again - di­verse ar­ray of fis­cal con­trib­u­tors is the PNG Govern­ment’s long-term Vi­sion 2050 which em­pha­sises the need for fur­ther strings to the coun­try’s eco­nomic bow. Want­ing to avoid the back­lash that re­gions such as West Africa have en­dured to their own re­source-rich booms, the ne­ces­sity to spread the risk in the fu­ture will not only make the coun­try’s econ­omy more sus­tain­able, but it will also lend it­self more wholly to the business travel sec­tor too.

Wikipedia adds: “Mea­sures have been taken to mit­i­gate these ef­fects, in­clud­ing through the estab­lish­ment of a sov­er­eign wealth fund, partly to sta­bilise rev­enue and ex­pen­di­ture flows, but much will de­pend upon the readi­ness to make real re­forms to ef­fec­tive use of rev­enue, tack­ling ram­pant cor­rup­tion and em­pow­er­ing house­holds and busi­nesses to ac­cess mar­kets, ser­vices and de­velop a more buoy­ant econ­omy, with lower costs, es­pe­cially for small-to-medium-size en­ter­prises.”

Cof­fee plan­ta­tion

Palm oil

Newspapers in English

Newspapers from Papua New Guinea

© PressReader. All rights reserved.