The Business End
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.”