Latest News

See Our Latest Issue

Trending News

March 18, 2024
The Papua New Guinea National Institute of Standards and Industrial Technology (PNG NISIT) has officially signed the Memorandum of Understanding with the Standard and Industrial Research Institute of Malaysia (SIRIM) Berhad in the field of science and technology on the 29th of February 2024, in Malaysia. SIRIM President and Group Chief Executive Officer Dato’ Indera IR Dr. Ahmad Sabirin Arshad said the deal would now strengthen standardisation and enhanced industrial activities in Papua New Guinea with SIRIM providing a range of services such as testing, education and medical assistance. “This cooperation will inadvertently safeguard Papua New Guinea against unsafe and subpar products, promote measurement and technical standards for commerce and industry in PNG and improve the country’s industrial efficiency,” he said. Leading team NISIT to Malaysia was Acting Director-General Mr Victor Gabi with Executive Managers Mr Noah Sapak and Mr Benzamine Zairo with other support staff. The Secretary for Department of Commerce and Industry Mr David Ganai, who attended the ceremony, said this vital deal from abroad will help the country especially in the field of commerce and industry. Mr Ganai said with NISIT being the implementation arm of the government, this deal would help improve commerce and industry. The ceremony occurred in the city of Shah Alam, which is where the headquarters of SIRIM is located. Mr Gabi said “Our country needs to grow the industry because many businesses there do not have a proper sight to do cross-checking and balancing, and we hope the MOU can help to advance the industrial development to a higher level.” The deal is to promote cooperation between the two parties in areas of: Natural Sciences; Engineering and Technology;  Medical and Health Sciences;  Agricultural Sciences;  Social Science and Humanities;  Promoting Technology Transfer and Commercialisation corporation; and,  Other research areas, as mutually agreed by the Parties. The partnership will serve as a forum for collaboration between NISIT and SIRIM for joint interest vis-à-vis a strategic alliance to: Joint technical setup, research projects and development projects; Exchange of researchers, scientists, engineers (“RSEs”) technical experts and consultants participating in execution of joint Parties and for facilitating the exchange of knowledge and information of target groups; Organising and participating in scientific meetings such as symposia, seminars, courses, workshops, exhibitions and conferences on topics of mutual interests of the Parties; Exchange of metrological, scientific and technical research results, information, documentation, and material arising from the bilateral scientific and technology cooperation; Joint use of research and development facilities and scientific equipment; Joint publication; Promoting technology transfer cooperation; Industry standard development, calibration, measurement, conformity assessment and testing facility services to establish quality infrastructure; Networking in industry research development, technology transfer and quality infrastructure services; and, Other activities as mutually agreed upon in writing by the Parties. The MOU between NISIT and SIRIM was initially planned for signing in Port Moresby last year but that did not happen due to some challenges faced, hence SIRIM took the initiative to host the event this year. The relationship between SIRIM and NISIT has been growing strong since 2017. The signing of the MOU officiates and defines well this relationship. The partnership is for two years and during that time NISIT and SIRIM hope to achieve all goals set in the MOU, if and where possible.
March 18, 2024
The Papua New Guinea National Institute of Standards and Industrial Technology (PNG NISIT) has officially signed the Memorandum of Understanding with the Standard and Industrial Research Institute of Malaysia (SIRIM) Berhad in the field of science and technology on the 29th of February 2024, in Malaysia. SIRIM President and Group Chief Executive Officer Dato’ Indera IR Dr. Ahmad Sabirin Arshad said the deal would now strengthen standardisation and enhanced industrial activities in Papua New Guinea with SIRIM providing a range of services such as testing, education and medical assistance. “This cooperation will inadvertently safeguard Papua New Guinea against unsafe and subpar products, promote measurement and technical standards for commerce and industry in PNG and improve the country’s industrial efficiency,” he said. Leading team NISIT to Malaysia was Acting Director-General Mr Victor Gabi with Executive Managers Mr Noah Sapak and Mr Benzamine Zairo with other support staff. The Secretary for Department of Commerce and Industry Mr David Ganai, who attended the ceremony, said this vital deal from abroad will help the country especially in the field of commerce and industry. Mr Ganai said with NISIT being the implementation arm of the government, this deal would help improve commerce and industry. The ceremony occurred in the city of Shah Alam, which is where the headquarters of SIRIM is located. Mr Gabi said “Our country needs to grow the industry because many businesses there do not have a proper sight to do cross-checking and balancing, and we hope the MOU can help to advance the industrial development to a higher level.” The deal is to promote cooperation between the two parties in areas of: Natural Sciences; Engineering and Technology;  Medical and Health Sciences;  Agricultural Sciences;  Social Science and Humanities;  Promoting Technology Transfer and Commercialisation corporation; and,  Other research areas, as mutually agreed by the Parties. The partnership will serve as a forum for collaboration between NISIT and SIRIM for joint interest vis-à-vis a strategic alliance to: Joint technical setup, research projects and development projects; Exchange of researchers, scientists, engineers (“RSEs”) technical experts and consultants participating in execution of joint Parties and for facilitating the exchange of knowledge and information of target groups; Organising and participating in scientific meetings such as symposia, seminars, courses, workshops, exhibitions and conferences on topics of mutual interests of the Parties; Exchange of metrological, scientific and technical research results, information, documentation, and material arising from the bilateral scientific and technology cooperation; Joint use of research and development facilities and scientific equipment; Joint publication; Promoting technology transfer cooperation; Industry standard development, calibration, measurement, conformity assessment and testing facility services to establish quality infrastructure; Networking in industry research development, technology transfer and quality infrastructure services; and, Other activities as mutually agreed upon in writing by the Parties. The MOU between NISIT and SIRIM was initially planned for signing in Port Moresby last year but that did not happen due to some challenges faced, hence SIRIM took the initiative to host the event this year. The relationship between SIRIM and NISIT has been growing strong since 2017. The signing of the MOU officiates and defines well this relationship. The partnership is for two years and during that time NISIT and SIRIM hope to achieve all goals set in the MOU, if and where possible.
March 14, 2024
New Porgera Limited (NPL) would like to clarify certain matters related to the reopening of the Porgera gold mine that have been the subject of speculation and considerable misinformation both in the national media and on social media platforms over the past week.   The benefit sharing terms agreed between the State, Barrick Niugini Limited (BNL), Kumul Mineral Holdings Limited (KMHL) and Mineral Resources Enga (MRE) to restart the mine ensure a transparent and fair distribution of the overall economic benefits that will be generated by Porgera over its 20-year mine life.   Over the life of mine, PNG shareholders, comprising Porgera landowners, Enga province and the State (including KMHL which will hold the equity in new Porgera on behalf of the State), will receive 53% of Porgera’s overall economic benefits.  BNL will receive the remaining 47%.   At a gold price of US$1,800 per ounce, PNG shareholders would expect to receive nearly US$7.3 billion (Kina ~25.2 billion) over a potential 20 year life and US$2.8 billion (Kina ~9.7 billion) in the first ten years.  The current gold price is significantly higher at approximately US$2,170 per ounce. Importantly, BNL, the operator of New Porgera Limited, has committed to financing the capital required to restart the mine.  Furthermore, once the mine has restarted, any additional loans made by BNL or its affiliates to New Porgera Limited will be on an interest-free basis.  This means the State of Papua New Guinea will never face a situation where it would be necessary to take out interest-bearing commercial loans to fund its portion of the capital needed for investment in the mine.   During the period between when the mine ceased operations in April 2020 until the reopening on 22 December 2023, BNL has alone funded 100% of the care and maintenance and preparatory restart costs totaling approximately US$677.6 million (Kina ~2.58 billion).  The State, KMHL and BNL agreed that initially KHML’s dividends from New Porgera Limited (as well as the dividends paid to the entity jointly owned by Barrick and Zijin that holds shares in NPL) will be used to reimburse BNL for the care and maintenance and restart costs (other than some agreed nonrecoverable costs).  However, the other PNG shareholders are not affected by this arrangement and will receive their dividends as they are declared following the start of operations.   In addition, New Porgera Limited will be a significant taxpayer, being subject to a 32% corporate tax rate, in return for fiscal stability under the Resource Contracts Fiscal Stabilization Act, and an increase in the royalty from 2% to 3%.  The proportion of equity and economic benefits that belong to the landowners is also a first in PNG’s agreements with international investors.   Separately there have been reports in the media that New Porgera Limited has selectively engaged individual clan members in discussions on compensation agreements and bypassed the Porgera Landowners Association.  This is not true.  NPL has not selected the landholder representatives with whom it is dealing.  Rather, NPL is following the Government’s agency system that has been used for compensation payments since 1989, which has long been accepted by landholders.    NPL is committed to progressing negotiation of the long-term compensation agreements with tenement landholder agents as soon as possible, and an NPL team is currently in Porgera and Tari on a second visit in as many months for this purpose.  NPL agreed to doing so under the interim Consent Compensation Agreements arrangements that were endorsed last year by the overwhelming majority of landholder agents and approved and registered by the Mineral Resources Authority to allow the mine to reopen.    The members of the Porgera Landowners Association (PLOA) have been invited to participate in the discussions concerning the compensation agreement for SML13 and we look forward to their involvement in those discussions, as well as their participation in the State-led process to agree the Community Development Agreements (CDA).  NPL would like to see the benefits being distributed directly to the household level, and not through middlemen, to ensure the benefits actually reach the people for whom they are intended. These facts have been shared to clarify some of the confusion created by inaccurate accounts of the terms of Porgera’s reopening and demonstrate beyond doubt that the benefits derived from this world-class mine will be shared fairly between PNG and its partner, BNL, and that NPL is engaging with landowners in a completely transparent and appropriate manner in accordance with PNG law. Finally, the law and order situation in the Porgera Valley continues to be a major concern.  It is critically important that a safe and stable security environment is quickly restored and maintained for the benefit of the Porgera community and to support the continuation of the restart operations.  
February 26, 2024
Kumul Petroleum Holdings Limited, Papua New Guinea’s national petroleum and energy company, announced recently that all necessary verification had been completed with the representative company of the PDL 2 landowners, enabling them to receive their portion of accrued Kroton Equity Option (KEO) preferential dividends. Wapu Sonk, Managing Director of Kumul Petroleum said, “together with DPE we have completed verification of the directors and beneficiaries of the PDL 2 representative company, Kutubu Gas Holdings Limited.”  Mr. Sonk explained that under the 2009 PNG LNG Project Umbrella Benefit Sharing Agreement between the State, recognised provincial governments and landowners impacted by the project, certain beneficiaries were entitled to exercise a commercial option to acquire shares in the State entity holding shareholding in the project. Vendor finance for this was arranged by KPHL and known as the Kroton Equity Option.   “Today I am pleased to announce that Kumul Petroleum can award the PDL 2 landowner representative company, Kutubu Gas Holdings Limited, a cheque of K35.3 million for their preferential dividends accrued from 2017 to 2022, a significant sum.”  “I thank these landowners for their patience over the past 6 years.” After consultation with their licence area communities, the PDL2 landowners established Kutubu Gas Holdings Limited, under the chairmanship of Sakai Kei, to receive their KEO dividends.  Mr Sonk added, “It is important that Kumul Petroleum follows due process in this exercise, including proper beneficiary identification, verified by the Department of Petroleum.” “The PDL 2 landowner beneficiaries are the second landowner group to complete this process, after the PDL 7 landowners, who were paid their preferential dividends in August 2022.”  Other Kutubu Gas Holdings Limited directors present at the event included John Kapi Natto, Mark Sakai, Gibson Pole and Asi Ibusubu.  Mr Sonk took the opportunity to encourage other PNG LNG Project beneficiary groups to complete their eligibility criteria compliance so that they too could receive their KEO related benefits.
February 26, 2024
Kumul Petroleum Holdings Limited, Papua New Guinea’s national petroleum and energy company, announced recently that all necessary verification had been completed with the representative company of the PDL 2 landowners, enabling them to receive their portion of accrued Kroton Equity Option (KEO) preferential dividends. Wapu Sonk, Managing Director of Kumul Petroleum said, “together with DPE we have completed verification of the directors and beneficiaries of the PDL 2 representative company, Kutubu Gas Holdings Limited.”  Mr. Sonk explained that under the 2009 PNG LNG Project Umbrella Benefit Sharing Agreement between the State, recognised provincial governments and landowners impacted by the project, certain beneficiaries were entitled to exercise a commercial option to acquire shares in the State entity holding shareholding in the project. Vendor finance for this was arranged by KPHL and known as the Kroton Equity Option.   “Today I am pleased to announce that Kumul Petroleum can award the PDL 2 landowner representative company, Kutubu Gas Holdings Limited, a cheque of K35.3 million for their preferential dividends accrued from 2017 to 2022, a significant sum.”  “I thank these landowners for their patience over the past 6 years.” After consultation with their licence area communities, the PDL2 landowners established Kutubu Gas Holdings Limited, under the chairmanship of Sakai Kei, to receive their KEO dividends.  Mr Sonk added, “It is important that Kumul Petroleum follows due process in this exercise, including proper beneficiary identification, verified by the Department of Petroleum.” “The PDL 2 landowner beneficiaries are the second landowner group to complete this process, after the PDL 7 landowners, who were paid their preferential dividends in August 2022.”  Other Kutubu Gas Holdings Limited directors present at the event included John Kapi Natto, Mark Sakai, Gibson Pole and Asi Ibusubu.  Mr Sonk took the opportunity to encourage other PNG LNG Project beneficiary groups to complete their eligibility criteria compliance so that they too could receive their KEO related benefits.
March 18, 2024
The National Energy Authority (NEA) conducted a one day public/stakeholders consultation workshop for the second time at the Holiday Inn ballroom on the 15th of March on the Decentralised Electricity Supply (DES) Policy. This policy will pave the way for the provincial and district administration to develop and participate in the generation, distribution, and retail aspects of PNG's electricity supply industry. The DES Policy is an important intervention policy initiated by the Economic Regulation Division of the NEA to address the unstable supply of electricity to towns outside the three main grids in PNG, technically referred to as C-centres. The policy discussions held during the workshop included the Provincial Administrators, District Administrators, financiers/developers, policy experts, engineers, and other relevant experts. NEA Managing Director Mr. Ronald Meketa opened the workshop and welcomed all the stakeholders, as experts in the field of electricity and policy makers engaged in meaningful discussions in creating affordable and reliable electricity to the underlying challenges faced in Papua New Guinea. He thanked all stakeholders who have worked alongside NEA in providing technical advice on formulating its policy, such as USAID Papua New Guinea Electricity Partnership (PEP), PNG Power Limited, Solar Energy Association of Papua New Guinea, Asian Development Bank, and others. "PNG is yet to develop the electricity industry, and we are working towards it as a regulator. Some of the key specific policies such as hydro are yet to be drafted, including 21 others. Under the Connect PNG initiative undertaken by the government through road projects, there is also a need for supply of electricity connecting the rural and remote communities," said Mr. Meketa. Giving a detailed presentation on the DES Policy was Ms. Bayking Juliette of USAID PEP, with her team giving an overview of the policy. The DES Policy would allow third parties to participate in their municipal jurisdiction, provide policy guidelines to accommodate the growing demand from stable supply of electricity in provinces and districts, and ultimately ensure accessible, reliable and affordable electricity for these C-centres to meet their respective local demand. "The energy gap is one of the biggest hurdles faced by the GoPNG, businesses, and civic society, and therefore as the responsible government agency, the NEA is seriously looking at such policy intervention to unbundle the monopolistic arrangement incompatible for PNG electricity industry today," the agency said. The workshop ended with a brainstorming session with the respective provincial administration and district administration officials on the DES Policy.
March 18, 2024
The National Energy Authority (NEA) conducted a one day public/stakeholders consultation workshop for the second time at the Holiday Inn ballroom on the 15th of March on the Decentralised Electricity Supply (DES) Policy. This policy will pave the way for the provincial and district administration to develop and participate in the generation, distribution, and retail aspects of PNG's electricity supply industry. The DES Policy is an important intervention policy initiated by the Economic Regulation Division of the NEA to address the unstable supply of electricity to towns outside the three main grids in PNG, technically referred to as C-centres. The policy discussions held during the workshop included the Provincial Administrators, District Administrators, financiers/developers, policy experts, engineers, and other relevant experts. NEA Managing Director Mr. Ronald Meketa opened the workshop and welcomed all the stakeholders, as experts in the field of electricity and policy makers engaged in meaningful discussions in creating affordable and reliable electricity to the underlying challenges faced in Papua New Guinea. He thanked all stakeholders who have worked alongside NEA in providing technical advice on formulating its policy, such as USAID Papua New Guinea Electricity Partnership (PEP), PNG Power Limited, Solar Energy Association of Papua New Guinea, Asian Development Bank, and others. "PNG is yet to develop the electricity industry, and we are working towards it as a regulator. Some of the key specific policies such as hydro are yet to be drafted, including 21 others. Under the Connect PNG initiative undertaken by the government through road projects, there is also a need for supply of electricity connecting the rural and remote communities," said Mr. Meketa. Giving a detailed presentation on the DES Policy was Ms. Bayking Juliette of USAID PEP, with her team giving an overview of the policy. The DES Policy would allow third parties to participate in their municipal jurisdiction, provide policy guidelines to accommodate the growing demand from stable supply of electricity in provinces and districts, and ultimately ensure accessible, reliable and affordable electricity for these C-centres to meet their respective local demand. "The energy gap is one of the biggest hurdles faced by the GoPNG, businesses, and civic society, and therefore as the responsible government agency, the NEA is seriously looking at such policy intervention to unbundle the monopolistic arrangement incompatible for PNG electricity industry today," the agency said. The workshop ended with a brainstorming session with the respective provincial administration and district administration officials on the DES Policy.
March 18, 2024
Prime Minister Hon. James Marape has reaffirmed the government’s dedication to fuelling the growth of the oil palm industry in Papua New Guinea. The sector, which stands as the country’s leading agricultural export, generated over K2.8 billion in exports in 2022, marking a pivotal contribution to the national economy. Prime Minister Marape highlighted the government’s support through the allocation of over K3.5 million to the National Oil Palm Intervention Programme (NOPIP), a strategic initiative overseen by the Oil Palm Industry Corporation (OPIC), since last year. “This funding is directed towards bolstering the production capabilities of the industry by addressing one of its critical challenges – the ageing of palm trees, which has been a significant factor in declining production rates,” he said. “Under the stewardship of Oil Palm Minister Hon. Francis Maneke, the programme has seen substantial progress. Minister Maneke has been proactive, traversing the nation to ensure the effective distribution of funds to millers. This financial support facilitates the supply of quality seedlings to smallholder growers, aiming to rejuvenate their fields with new, high-yielding palm trees.” The Prime Minister expressed his gratitude towards Minister Maneke, the major milling companies, and OPIC for their unwavering support of this vital initiative. Last year’s intervention was K576,000 to New Britain Palm Oil Ltd (NBPOL) to distribute 48, 000 seedlings (K18 per seedling) to cover 400-hectares at Hoskins; and K288,000 to Hargy Oil Palm for 24,000 seedlings to replant 200ha at Bialla. This year, more allocations have been made, including a notable K540,000 to NBPOL for the distribution of 35,000 seedlings, aimed at revitalising 250ha in Hoskins; K216,000 to Hargy Oil Palms for 14,000 seedlings to rejuvenate 100ha in Bialla; and another round of K540,000 to NBPOL for the same purpose in Oro. Further commitments were announced, with plans to allocate K216,000 to NBPOL for 100ha in Milne Bay, and K324,000 for 21,000 seedlings to cover 150ha in New Ireland. These efforts underscore the government’s concern over the ageing palm trees and its commitment to reviving the industry amid economic challenges and rising living costs. Prime Minister Marape emphasised the importance of providing high-quality seedlings to support local growers, ensuring the sustainability of the oil palm crop across the nation. “The initiative not only aims to boost production but also to provide substantial support to smallholder growers throughout Papua New Guinea, marking a commendable step towards enhancing the livelihoods of those dependent on agriculture,” he said. “This initiative to support replanting is commendable and will greatly benefit smallholders. “This signals a bright future for the oil palm industry and its significant contribution to the nation’s economic resilience.”
March 14, 2024
The Ok Tedi Development Foundation (OTDF) and the Centre for Excellence in Financial Inclusion (CEFI) today (Tuesday 12th March) officially entered into a Memorandum of Understanding (MoU). This agreement solidifies their collaboration to implement a Financial Literacy Program aimed at empowering small and medium enterprises (SMEs) and women-led SMEs in selected regions of the Western Province. Under the MoU, CEFI will conduct Training of Trainers (ToT) sessions in designated areas, equipping 25 trainers with the necessary skills and knowledge in personal money management concepts. These trained individuals will then be responsible for imparting direct retail training to 1,000 SMEs and women-led SMEs within the Western Province. The signing ceremony, held in Port Moresby, saw Mr. Andrew Mari, Acting Chief Executive Officer and Executive Manager Program Services of OTDF, and Mr. Saliya Ranasinghe, Executive Director of CEFI, formalize the partnership. The primary objective of this collaboration is to provide comprehensive financial literacy training and facilitate financial inclusivity for SMEs and women-led SMEs in the Western Province, particularly in Community Mine Continuation Agreement (CMCA) regions. Mr. Andrew Mari expressed his gratitude for the partnership, stating, "This marks the beginning of a crucial initiative for us at OTDF. This will be the first MoU that we (OTDF) will be signing with CEFI and we are privileged that CEFI will partner with OTDF to roll out the financial literacy training targeting respective women associations,” said Mr. Mari. He further emphasized the significance of the MoU in empowering women associations financially and enabling them to meet the necessary requirements for advancing their SME businesses in Western Province. In response, Mr. Saliya Ranasinghe affirmed CEFI's commitment to the partnership, stating, "Financial literacy is pivotal to the development process in the Western Province. We are eager to work with OTDF in rolling out the Financial Literacy program and empowering SMEs." Mr. Ranasinghe encouraged women association leaders to utilize the training effectively, highlighting their role as community role models. He also outlined CEFI's plans to expand financial services in the Western Province, collaborating with local financial institutions to bring services closer to the people. “We are looking forward to this partnership as financial literacy is going to be the corner stone in this whole development process that we would like to roll out in Western province,” he said. He highlighted that Papua New Guinean has 16,500 access points that includes banks, sub-banks, agencies, eftpos machines and ATMS. He explained that CEFI would like to expand this services in Western province by working with financial institutions in the province to bring the financial services closer to the people. “Another important step that we would like to proceed in this particular agreement as we maintain a very good repo with the financial sectors in the country and we will be working with the banks to open up agencies in those respective areas and to bring the financial services to the door steps of this SME clients,” he said. He concluded by affirming CEFI's commitment to monitoring the progress of the program, ensuring its impact on the lives of the people in the Western Province, with the intention of replicating the model in other provinces. This partnership between OTDF and CEFI represents a significant step towards enhancing financial literacy and empowering SMEs in the Western Province, fostering sustainable economic growth and development.
March 14, 2024
The Ok Tedi Development Foundation (OTDF) and the Centre for Excellence in Financial Inclusion (CEFI) today (Tuesday 12th March) officially entered into a Memorandum of Understanding (MoU). This agreement solidifies their collaboration to implement a Financial Literacy Program aimed at empowering small and medium enterprises (SMEs) and women-led SMEs in selected regions of the Western Province. Under the MoU, CEFI will conduct Training of Trainers (ToT) sessions in designated areas, equipping 25 trainers with the necessary skills and knowledge in personal money management concepts. These trained individuals will then be responsible for imparting direct retail training to 1,000 SMEs and women-led SMEs within the Western Province. The signing ceremony, held in Port Moresby, saw Mr. Andrew Mari, Acting Chief Executive Officer and Executive Manager Program Services of OTDF, and Mr. Saliya Ranasinghe, Executive Director of CEFI, formalize the partnership. The primary objective of this collaboration is to provide comprehensive financial literacy training and facilitate financial inclusivity for SMEs and women-led SMEs in the Western Province, particularly in Community Mine Continuation Agreement (CMCA) regions. Mr. Andrew Mari expressed his gratitude for the partnership, stating, "This marks the beginning of a crucial initiative for us at OTDF. This will be the first MoU that we (OTDF) will be signing with CEFI and we are privileged that CEFI will partner with OTDF to roll out the financial literacy training targeting respective women associations,” said Mr. Mari. He further emphasized the significance of the MoU in empowering women associations financially and enabling them to meet the necessary requirements for advancing their SME businesses in Western Province. In response, Mr. Saliya Ranasinghe affirmed CEFI's commitment to the partnership, stating, "Financial literacy is pivotal to the development process in the Western Province. We are eager to work with OTDF in rolling out the Financial Literacy program and empowering SMEs." Mr. Ranasinghe encouraged women association leaders to utilize the training effectively, highlighting their role as community role models. He also outlined CEFI's plans to expand financial services in the Western Province, collaborating with local financial institutions to bring services closer to the people. “We are looking forward to this partnership as financial literacy is going to be the corner stone in this whole development process that we would like to roll out in Western province,” he said. He highlighted that Papua New Guinean has 16,500 access points that includes banks, sub-banks, agencies, eftpos machines and ATMS. He explained that CEFI would like to expand this services in Western province by working with financial institutions in the province to bring the financial services closer to the people. “Another important step that we would like to proceed in this particular agreement as we maintain a very good repo with the financial sectors in the country and we will be working with the banks to open up agencies in those respective areas and to bring the financial services to the door steps of this SME clients,” he said. He concluded by affirming CEFI's commitment to monitoring the progress of the program, ensuring its impact on the lives of the people in the Western Province, with the intention of replicating the model in other provinces. This partnership between OTDF and CEFI represents a significant step towards enhancing financial literacy and empowering SMEs in the Western Province, fostering sustainable economic growth and development.
October 09, 2023
Hosting the World Indigenous Business Forum (WIBF) in Port Moresby from October 24-26, 2023, is a wonderful opportunity to promote Papua New Guinea as a tourism destination, says the Minister for International Trade and Investment, Hon. Richard Maru. Minister Maru said this recently during the announcement by the Tourism Promotion Authority (TPA) to support the WIBF with the gold sponsorship of K250, 000. “It is a clear objective of our Government to not only host the World Indigenous Business Forum but importantly use it as an opportunity to market our country as a tourism destination and as an investment destination, apart from our indigenous businesses mingling with their counterparts from all over the world to build partnerships and learn from the success of many very successful indigenous businesses worldwide,” said Minister Maru. “There is so much negative news on the media about our country. This is really an opportunity for TPA to step up and market our country as a tourism destination and also as a destination for potential investors in the tourism sector to invest in things like casinos, hotels, and ferries, etc. This is really a wonderful opportunity; this is in fact the biggest opportunity after APEC 2018 to really promote Papua New Guinea and put PNG on the world stage,” said Minister Maru. Minister Maru said TPA’s support was an investment that would pay dividends for many years to come. “This is an opportunity to promote tourism in a big way, so we are really excited about your sponsorship. With this sponsorship, TPA will be given the opportunity to be one of the three PNG guest speakers at the World Indigenous Business Forum where TPA can really market PNG’s tourism sector in a big way. It also gives them a chance to have a booth where TPA can use to promote our country,” said Minister Maru. Minister Maru said over 400 international guests were expected to attend the forum both as delegates and as speakers, and international media were also expected to come. “We also understand that many of the foreign delegates who will be coming are CEOs of their own companies and one thing we want to do is to attract them to stay for another week or two or go back and bring their families for a holiday in Papua New Guinea,” said Minister Maru. Minister Maru also announced that there was a grand opening ceremony being planned. “I am excited to announce that we are planning a grand welcome ceremony with NCDC and the Amazing Port Moresby team where all our own delegates and the foreign delegates and their families will be welcomed at the Sir Hubert Murray Stadium with a big cultural show where the 22 provinces will welcome them. This will be followed by the 2-day event and on the evenings of these two days including the closing ceremony we will still be promoting PNG culture and PNG as a tourism destination,” said Minister Maru. Minister for Tourism, Arts and Culture, Hon. Isi Henry Leonard thanked Minister Maru and the WIBF Secretariat for the opportunity to participate in the WIBF. “When we talk about tourism in Papua New Guinea, our product is the country. You are bringing the world to the country, and it is a great honor for TPA to participate in the World Indigenous Business Forum as this is an opportunity that we will showcase the opportunity that we have not only as a destination but also as a place where you can invest in tourism industry; the potential is right here. PNG is one of the last frontiers of the world that needs to be discovered, so we need this platform where we can participate to make that awareness,” said Hon. Leonard.
October 09, 2023
Hosting the World Indigenous Business Forum (WIBF) in Port Moresby from October 24-26, 2023, is a wonderful opportunity to promote Papua New Guinea as a tourism destination, says the Minister for International Trade and Investment, Hon. Richard Maru. Minister Maru said this recently during the announcement by the Tourism Promotion Authority (TPA) to support the WIBF with the gold sponsorship of K250, 000. “It is a clear objective of our Government to not only host the World Indigenous Business Forum but importantly use it as an opportunity to market our country as a tourism destination and as an investment destination, apart from our indigenous businesses mingling with their counterparts from all over the world to build partnerships and learn from the success of many very successful indigenous businesses worldwide,” said Minister Maru. “There is so much negative news on the media about our country. This is really an opportunity for TPA to step up and market our country as a tourism destination and also as a destination for potential investors in the tourism sector to invest in things like casinos, hotels, and ferries, etc. This is really a wonderful opportunity; this is in fact the biggest opportunity after APEC 2018 to really promote Papua New Guinea and put PNG on the world stage,” said Minister Maru. Minister Maru said TPA’s support was an investment that would pay dividends for many years to come. “This is an opportunity to promote tourism in a big way, so we are really excited about your sponsorship. With this sponsorship, TPA will be given the opportunity to be one of the three PNG guest speakers at the World Indigenous Business Forum where TPA can really market PNG’s tourism sector in a big way. It also gives them a chance to have a booth where TPA can use to promote our country,” said Minister Maru. Minister Maru said over 400 international guests were expected to attend the forum both as delegates and as speakers, and international media were also expected to come. “We also understand that many of the foreign delegates who will be coming are CEOs of their own companies and one thing we want to do is to attract them to stay for another week or two or go back and bring their families for a holiday in Papua New Guinea,” said Minister Maru. Minister Maru also announced that there was a grand opening ceremony being planned. “I am excited to announce that we are planning a grand welcome ceremony with NCDC and the Amazing Port Moresby team where all our own delegates and the foreign delegates and their families will be welcomed at the Sir Hubert Murray Stadium with a big cultural show where the 22 provinces will welcome them. This will be followed by the 2-day event and on the evenings of these two days including the closing ceremony we will still be promoting PNG culture and PNG as a tourism destination,” said Minister Maru. Minister for Tourism, Arts and Culture, Hon. Isi Henry Leonard thanked Minister Maru and the WIBF Secretariat for the opportunity to participate in the WIBF. “When we talk about tourism in Papua New Guinea, our product is the country. You are bringing the world to the country, and it is a great honor for TPA to participate in the World Indigenous Business Forum as this is an opportunity that we will showcase the opportunity that we have not only as a destination but also as a place where you can invest in tourism industry; the potential is right here. PNG is one of the last frontiers of the world that needs to be discovered, so we need this platform where we can participate to make that awareness,” said Hon. Leonard.
December 13, 2023
by Henry Ivarature On 7 December 2023, the prime ministers of Australia and Papua New Guinea signed an historic security agreement in Canberra. It has taken approximately three years to conclude since both countries signed the Comprehensive Strategic and Economic Partnership on 5 August 2020, which committed the parties to develop a bilateral security treaty. Titled “Agreement between the Government of Australia and the Government of Papua New Guinea on a Framework for Closer Security Relations”, it is described as a “framework”, so not quite what Australia had hoped for, which was a treaty. Nevertheless, I think, it is as reasonable and pragmatic as it could be in addressing PNG’s serious internal security challenges. Australia has certainly prevailed in working with PNG to get this security framework over the line. The security framework is largely developmental in nature. It covers defence, police, law and justice, violence against women and children, national security, border, maritime and aviation security, cyber security, health security and biosecurity, as well as infrastructure, humanitarian assistance and disaster relief, and climate change and environment. Its implementation depends on PNG’s political and bureaucratic thought leaders, especially its security sector leadership, who will need to take real ownership of the above-listed “common security interests”, as set out in Article 3 of the agreement, in order to realise the security outcomes Prime Minister James Marape seeks for PNG. Otherwise, the agreement’s noble security and developmental intentions may not be fully realised. Internal security appears to be the main focus of the agreement. Sadly, PNG is a country plagued by endemic law and order problems including tribal violence and horrible sorcery-related crimes against women. In recent years, tribal violence has increased in frequency, getting more violent and destructive, and is exerting enormous pressures on an already under-resourced police force. This state of lawlessness not only makes life unsafe for everyone, especially women and children, but also frightens away potential foreign investors. In this respect, Australia’s investment in policing and the law and justice sector more generally is a pragmatic and necessary step toward addressing a problem that is long overdue for fixing. According to my own sources, the protection of PNG’s sovereignty, particularly in relation to Australia’s request for the granting of privileges and immunities for Australian police officers, was a contentious point in the negotiations. Immunity provisions are notably absent from the security framework. However, this could be dealt with under subsidiary agreements in the future. With respect to possible cross-border deployments to engage in security cooperation, Article 4 of the agreement states that the operating framework will be provided by the existing Agreement between Australia and Papua New Guinea regarding the Status of Forces of Each State in the Territory of the other State, signed in 1977. The security agreement has been kept broad and by sidestepping the contentious question of immunities has reduced any perceived impact on PNG’s sovereignty. Although sovereignty issues might have slowed progress on the agreement, in hindsight it is probably better to have had these matters thoroughly addressed. It is also better to avoid adopting a security framework that skirts around unresolved issues which may later come back to haunt both countries, especially in the “land of the unexpected”. In this respect, credit is due to PNG’s negotiators for not allowing themselves to be rushed, and for waiting until all contentious issues they considered to have implications for national sovereignty were satisfactorily addressed. Kudos, also, to the patient Australian negotiators working on “PNG time” since August 2020. Prime Minister Marape’s next challenge will be to navigate the allegations of inadequate consultation from the Chair of the Foreign Affairs Committee, Belden Namah, and reactions from the general public over the coming days and weeks. Although Namah welcomes the security framework, he says Prime Minister Marape’s government is repeating the same mistake it made with the PNG-US defence cooperation agreement – that is, not adequately consulting parliament. On a broader level, and in this period of intense geopolitical contestation in the Indo-Pacific region, the security framework marks another significant milestone in Australia’s efforts to thwart China’s security interests in the Blue Pacific. It comes less than a month after Australia and Tuvalu signed the Australia-Tuvalu Falepili Union Treaty at the Pacific Islands Forum Leaders Meeting in Cook Islands. Australia has extended its hand to other Pacific states after signing the Treaty with Tuvalu, the first of its kind. Both developments, nonetheless, will further fuel geopolitical competition in the region. China will likely attempt corresponding measures to maintain its influence. I think that, for now, Australia should be relieved that it has signed a security framework agreement, if not a treaty, with PNG. The security framework at least establishes a broad foundation for building closer security relations with Australia’s closest neighbour.   This article appeared first on Devpolicy Blog (devpolicy.org), from the Development Policy Centre at The Australian National University. Henry Ivarature is the Deputy Director at the Australia Pacific Security College, Crawford School of Public Policy, The Australian National University.
March 18, 2024
Hundreds of Ark Pacific modular buildings have been assembled across PNG resource sector developments since the company penetrated the local camp accommodation market in 2010.  Over the last decade Ark has substantially increased its international market share in the oil and gas sector – its growth primarily driven by quality and unrivalled production output.  By 2030, it is anticipated that Ark buildings will dominate the camp landscape of the world’s largest natural gas field. In addition to PNG, Ark camps can be found in Argentina and Russia, as well as in Qatar where it has captured 70 percent of the LNG camp accommodation market. Its growth in Qatar is anticipated to escalate given the government’s announcement in March that it will expand output from North Field West (i.e., part of the world’s biggest gas field) before 2030. Ark’s first significant project in Qatar was the 2,500-person LGV camp expansion project in 2020.  It is currently in the process of manufacturing a 2,000-person senior staff camp for world-leading engineering company, Technip Energies. With another two-years’ worth of buildings in the production pipeline, Ark has truly cemented itself in the accommodation supply chains of Qatar’s oil and gas mega-contractors. Cass Ruka, GM Ark Pacific, says that the reason Ark became the camp building market leader so quickly in Qatar was its flat pack building system, specifically its “high quality, together with its rapid manufacturing, delivery, and installation, as well as its safety rating, particularly with regard to fire.” Ruka confirms that “for a 5,000-person camp it takes us a maximum of three months, upon issuance of a purchase order, to have all components delivered to site.  We also manufacture and deliver in stages which means that the first lot of building componentry is on site in less than one month.”  The speed at which Ark can manufacture and deliver its building systems varies little, irrespective of whether the camp is being built in Qatar, PNG, Sudan, or Argentina. Ark’s unrivalled production output has been facilitated by factory expansion and an ongoing investment in automation over nearly 20 years. Ruka reports that the company’s automated system of robotic welding for instance, not only ensures the highest quality of welds, but also a 24/7 round-the-clock and 365 day-per-year fabrication capability. Ark’s modular systems enable a multitude of building configurations, across single or multiple storeys, and on diverse topographies, in even the most remote locations and climate extremes.  In addition to accommodation blocks housing literally thousands of workers, some of the other types of buildings Ark has provided its resource clients with, include recreation centres, medical facilities, office complexes, kitchen and dining facilities, commissary buildings, maintenance workshops, and laboratories.
March 18, 2024
Hundreds of Ark Pacific modular buildings have been assembled across PNG resource sector developments since the company penetrated the local camp accommodation market in 2010.  Over the last decade Ark has substantially increased its international market share in the oil and gas sector – its growth primarily driven by quality and unrivalled production output.  By 2030, it is anticipated that Ark buildings will dominate the camp landscape of the world’s largest natural gas field. In addition to PNG, Ark camps can be found in Argentina and Russia, as well as in Qatar where it has captured 70 percent of the LNG camp accommodation market. Its growth in Qatar is anticipated to escalate given the government’s announcement in March that it will expand output from North Field West (i.e., part of the world’s biggest gas field) before 2030. Ark’s first significant project in Qatar was the 2,500-person LGV camp expansion project in 2020.  It is currently in the process of manufacturing a 2,000-person senior staff camp for world-leading engineering company, Technip Energies. With another two-years’ worth of buildings in the production pipeline, Ark has truly cemented itself in the accommodation supply chains of Qatar’s oil and gas mega-contractors. Cass Ruka, GM Ark Pacific, says that the reason Ark became the camp building market leader so quickly in Qatar was its flat pack building system, specifically its “high quality, together with its rapid manufacturing, delivery, and installation, as well as its safety rating, particularly with regard to fire.” Ruka confirms that “for a 5,000-person camp it takes us a maximum of three months, upon issuance of a purchase order, to have all components delivered to site.  We also manufacture and deliver in stages which means that the first lot of building componentry is on site in less than one month.”  The speed at which Ark can manufacture and deliver its building systems varies little, irrespective of whether the camp is being built in Qatar, PNG, Sudan, or Argentina. Ark’s unrivalled production output has been facilitated by factory expansion and an ongoing investment in automation over nearly 20 years. Ruka reports that the company’s automated system of robotic welding for instance, not only ensures the highest quality of welds, but also a 24/7 round-the-clock and 365 day-per-year fabrication capability. Ark’s modular systems enable a multitude of building configurations, across single or multiple storeys, and on diverse topographies, in even the most remote locations and climate extremes.  In addition to accommodation blocks housing literally thousands of workers, some of the other types of buildings Ark has provided its resource clients with, include recreation centres, medical facilities, office complexes, kitchen and dining facilities, commissary buildings, maintenance workshops, and laboratories.
March 18, 2024
The 39th Australia Papua New Guinea Business Forum and Trade Expo is set to bring together senior business and government representatives in an atmosphere away from the usual grind of daily business. Registrations are open for the event, which is to be held on Mon 13-Wed 15 May 2024, at the Sheraton Grand Mirage Resort, Gold Coast, Queensland. This event is the annual opportunity to hear presentations by the experts, and to talk with colleagues about business opportunities which support economic development and create employment for communities in Papua New Guinea, the largest economy in the Pacific Islands. The theme for this year’s forum is Climate of Change: Opportunities for Business in Papua New Guinea. The Forum will explore the changing political and economic climate internationally and in Papua New Guinea, in the context of climate change, geopolitical competition and environment, social and governance (ESG) frameworks, and present new opportunities for business. Business opportunities galore Papua New Guinea has for decades offered significant trade and investment opportunities. Despite challenges like the economic fallout from COVID-19 and government budget shortfalls, Foreign Direct Investment (FDI) inflows have seen fluctuations, reaching about AUD 143 million in 2020 and dropping to some AUD 111 million in 2021. The country aims to diversify its FDI sectors beyond mining, agriculture, finance, and gas, with initiatives such as free economic zone partnerships. Under Prime Minister James Marape, Papua New Guinea stresses on trade and investment openness, though challenges persist, including unresolved negotiations with multinational companies. Efforts are under way to increase FDI in mining and petroleum/gas sectors from AUD 57 million in 2016 to AUD 142 million by 2022, with a goal of reaching a stock of AUD 14 billion. Additionally, Papua New Guinea has established the world’s first Digital FDI working group to attract tech investment. The government is focused on privatisation and fostering a conducive environment for foreign investors. Despite preferential trade agreements and a relatively low tariff rate, Papua New Guinea faces barriers such as restrictions on foreign land ownership and investment in certain sectors. Challenges like political instability, corruption, and a challenging judicial framework hinder development efforts. However, the government says it is serious about tackling these issues. While PNG experienced a downturn in 2021 due to COVID-19 and budget shortfalls, renewed interest from investors has sparked optimism, particularly in mining and telecommunications. Major investments include Telstra Australia’s acquisition of Digicel Pacific and Vodafone PNG’s entry into the market with an investment exceeding AUD 511 million. In 2021, Australia was the top investor in PNG, followed by Malaysia, the USA, Hong Kong, and the People’s Republic of China. Despite challenges, sectors like energy, retail, wholesale, manufacturing, mining, and petroleum show promise for investment growth. Looking ahead, PNG seeks further FDI to sustain its recovery and growth trajectory in 2024. For more information on the 39th Papua New Guinea Business Forum and Trade Expo 2024, visit https://events.apngbc.org.au/event/APBF39/ See the program here: https://events.apngbc.org.au/event/APBF39/sessions.html
March 18, 2024
The 39th Australia Papua New Guinea Business Forum and Trade Expo is set to bring together senior business and government representatives in an atmosphere away from the usual grind of daily business. Registrations are open for the event, which is to be held on Mon 13-Wed 15 May 2024, at the Sheraton Grand Mirage Resort, Gold Coast, Queensland. This event is the annual opportunity to hear presentations by the experts, and to talk with colleagues about business opportunities which support economic development and create employment for communities in Papua New Guinea, the largest economy in the Pacific Islands. The theme for this year’s forum is Climate of Change: Opportunities for Business in Papua New Guinea. The Forum will explore the changing political and economic climate internationally and in Papua New Guinea, in the context of climate change, geopolitical competition and environment, social and governance (ESG) frameworks, and present new opportunities for business. Business opportunities galore Papua New Guinea has for decades offered significant trade and investment opportunities. Despite challenges like the economic fallout from COVID-19 and government budget shortfalls, Foreign Direct Investment (FDI) inflows have seen fluctuations, reaching about AUD 143 million in 2020 and dropping to some AUD 111 million in 2021. The country aims to diversify its FDI sectors beyond mining, agriculture, finance, and gas, with initiatives such as free economic zone partnerships. Under Prime Minister James Marape, Papua New Guinea stresses on trade and investment openness, though challenges persist, including unresolved negotiations with multinational companies. Efforts are under way to increase FDI in mining and petroleum/gas sectors from AUD 57 million in 2016 to AUD 142 million by 2022, with a goal of reaching a stock of AUD 14 billion. Additionally, Papua New Guinea has established the world’s first Digital FDI working group to attract tech investment. The government is focused on privatisation and fostering a conducive environment for foreign investors. Despite preferential trade agreements and a relatively low tariff rate, Papua New Guinea faces barriers such as restrictions on foreign land ownership and investment in certain sectors. Challenges like political instability, corruption, and a challenging judicial framework hinder development efforts. However, the government says it is serious about tackling these issues. While PNG experienced a downturn in 2021 due to COVID-19 and budget shortfalls, renewed interest from investors has sparked optimism, particularly in mining and telecommunications. Major investments include Telstra Australia’s acquisition of Digicel Pacific and Vodafone PNG’s entry into the market with an investment exceeding AUD 511 million. In 2021, Australia was the top investor in PNG, followed by Malaysia, the USA, Hong Kong, and the People’s Republic of China. Despite challenges, sectors like energy, retail, wholesale, manufacturing, mining, and petroleum show promise for investment growth. Looking ahead, PNG seeks further FDI to sustain its recovery and growth trajectory in 2024. For more information on the 39th Papua New Guinea Business Forum and Trade Expo 2024, visit https://events.apngbc.org.au/event/APBF39/ See the program here: https://events.apngbc.org.au/event/APBF39/sessions.html

See Our Latest Issue

See Our Latest Issue

See Our Latest Issue

See Our Latest Issue