PNG's Trade has Potential: Eoe
by PNG Business News - July 21, 2021
Papua New Guinea, according to Minister for Foreign Affairs and International Trade Soroi Eoe, has enormous potential to grow into a first-class economy in the Asia-Pacific.
During the introduction of the National Trade Office's (NTO) business plan 2021-2025, he stated that PNG has a lively and expanding population that may generate enough demand for local goods and services.
“Our proximity with Asia, the Pacific and Australia, positions us as an attractive trading partner.
“We, therefore, have to leverage such opportunities for the development of our country.”
He gave the example of the Ihu Special Economic Zone in the Gulf's Kikori district, which received K100 million in government support.
PNG will be able to become an "internationally competitive export-driven economy founded on and assisted by an increasing and efficient domestic market," according to the corporate strategy.
“I urge all trade actors, regulators, the private sectors and all other departments and institutions of government to support and work with NTO,” Eoe said.
The National (15 July 2021). “PNG has top-class trade potential: Eoe”.
PNG Business News - March 09, 2021
INVITATION TO THE 36TH AUSTRALIA PAPUA NEW GUINEA BUSINESS FORUM AND TRADE EXPO
The Australia Papua New Guinea Business Council and the Business Council of Papua New Guinea are pleased to be re-launching the 36th Australia Papua New Guinea Business Forum and Trade Expo, which was deferred from 2020 to 24 to 26 May 2021. For the first time ever, this event will be held concurrently in Brisbane (at the Royal International Convention Centre), Port Moresby (at Hilton Port Moresby Hotel) and also online, with a shared speaking program. The Forum theme for this year is “Reimagining the Future Papua New Guinea”. The theme aims to capture the important message that Australia and Papua New Guinea along with the rest of the world, must move and pivot with the times and circumstances in order to prosper. It also looks to advance discussion about greater diversity in the PNG economy. Coronavirus and all its related restrictions and issues, along with advancements in technology mean that we must, collectively, think of different ways to work in trade, economy and indeed life. Online connectivity appears to be one of the important forms of communication that will continue for the foreseeable future. This Forum is distinctly established as the leading annual bilateral business meeting between Australia and Papua New Guinea, and builds on the work both Councils have done over more than three decades in growing the bilateral business relationship. The program for the Forum includes an overview of the political and economic climate, particularly issues which affect business and investment, and will include specific sessions by expert presenters on topics such as the Covid-19 Pandemic, emerging economic business opportunities in PNG, agribusiness, infrastructure, SME growth, Papua New Guineans in the Australian labour market, and resources. Key government ministers from Australia and Papua New Guinea, and a range of other expert speakers, have been invited to address the Forum to inform business representatives of policy issues in their portfolio relevant to business, and they will be able to join us from whichever location they are in, whether Brisbane, Port Moresby or elsewhere. Delegates will be able to engage in lively interaction with presenters in most sessions either live in person, or via the online platform with a Q&A feature. Video recordings of presentations will become available online soon after they are given so that delegates may go back and revisit portions they may have missed. There is something in the program for just about anyone who has an interest in the bilateral business and economic relationship and in the economy of Papua New Guinea. Delegates will be able to connect via the online platform by sending messages and/or booking appointment times with each other, particularly if they are not attending the Forum at the same venue. The Forum will again feature a Trade Expo for Australian and Papua New Guinean companies wishing to use the opportunity to match their goods and services to clients and purchasers in each country, and to broaden their business relationship. An innovative development this year is that all the trade booths will be online, with a limited number of physical booths at each location (as well as online) due to Covid restrictions. Booth exhibitors will be able to display their corporate logo, upload documents and short videos for visitors, include links to their own website, and chat one-on-one with delegates online, who can request meeting times with them via the online platform. This is a new, exciting and pioneering way to do things, and we will endeavour to have answers for you immediately should you encounter any problems while using the online platform. Register early for this conference as in-person spots at each location are limited and demand will be heavy. To register, complete the online booking process at https://events.apngbc.org.au/event/36APNG/. Please take care to show where/how you wish to participate. There are many new features that we will be introducing during this Forum as we look to resume regular business to business engagement, which has been so disrupted during the last year. This is a very good value conference. Enquiries about registration, Trade Expo bookings and accommodation should be directed to the secretariat of the Australia Papua New Guinea Business Council, on telephone + 61 7 3348 5142 or by e-mail at firstname.lastname@example.org or to the Business Council of Papua New Guinea on telephone + 675 323 8465, fax + 675 323 5162 or by e-mail at email@example.com. We look forward to hosting you at the 36th Australia Papua New Guinea Business Forum and Trade Expo on 24-26 May 2021, whether in Brisbane, Port Moresby, or Online.
PNG Business News - April 23, 2021
Yakam: Restrictions on Trade to Affect PNG
A government official is worried that the country will suffer significant consequences as a result of the foreign trade restrictions. The decline in domestic demand, according to acting chief trade officer Richard Yakam, has already been felt. Yakam praised the government for announcing the reopening of the Porgera mine but added that the other major projects in the pipeline would help the economy recover to a more optimistic outlook. “In terms of international trade, the production level has reduced,” he said. “I received news from the world trade organisations (WTO) that some of the countries have decided to enforce export restrictions of food products like rice because they are more concerned about the domestic population.” He said that this is a topic that is being debated on a global scale, with countries imposing export restrictions. Since their domestic production is declining, they do not want to export, especially staple products. “So it’s becoming a food security issue and concern for everybody. It will greatly affect those countries that depend mainly on imported goods,” said Yakam. “Currently, discussions are going on amongst the relevant government agencies but, I don’t know how it will be concluded.” He believed that if countries curb their exports, it would have a significant effect.
PNG Business News - July 08, 2021
Pacific Trade Invest Australia Assists 109 PNG Firms
Pacific Trade Invest Australia has assisted 109 firms in PNG, 47 of which are managed or controlled by women, facilitating K2 million in exports and K45,519 (A$17,120) in investment transactions. This was just reported in the Pacific Trade Invest annual report 2020. Caleb Jarvis, PTI Australia's Trade and Investment Commissioner, stated in the annual report: “Within a week, we reconfigured our programs across trade, investment, tourism and labour mobility to virtual and hybrid formats, finding new ways to help businesses – like access to digital resources. “Collaborating with our global PTI network and 25 partners then allowed us to deliver $20.04 million in exports and $2.73m in investments. “We’ve fostered private sector sales to the Australian market and helped drive inter-regional trade, and initiatives like our Impact Support Program have provided businesses with the tools they need to adapt, maintain and expand their operations. “In a year where COVID-19 closed international borders, interrupted trade routes and caused devastating financial effects on the people and economies of the Blue Pacific, we pivoted to support 582 businesses across 16 countries in 2020, almost one-third of which were women-led businesses.” In a session with journalists covering the COVID-19 economy, Jarvis revealed that according to the May 2021 Pacific Business Monitor, women are having a harder time than men, with 56 per cent of female businesses reporting barriers that prevent them from implementing initiatives to support their businesses, compared to 47 per cent of male businesses. Businesses are surviving by decreasing operating expenses and working hours, according to him, while 50% of companies are establishing new income sources. “We’ve also worked in the creative industry space for a lot of years. My passion project has been helping to export bilum from PNG to international markets because we know generating a little bit of income goes a very long way for some of those women and they are women in need as well. “I’m thankful to the international distributors that we’ve been working with throughout Covid-19 as they have continued to buy a lot of bilum, in particular, that‘s the one that I’m closest to,” he said. PTI has partnered with three worldwide distributors to offer PNG bilums in Australia: Among equals, Bilum & Bilas, and Real Impact. “Importantly we’ve learnt that the impact on each country and on each business was different and unique. And as someone said to me, whilst the Pacific was all caught up in the same storm, each country was trapped in its own unique boat. Pacific island people have been extremely resilient by relying heavily on their families and communities and there is a strong need for further diversification and especially for those countries and communities that rely heavily on tourism.” Reference: Yafoi, Melisha. Post-Courier (7 July 2021). “PNG Business Exports Aided By PTI Earn K2M”.
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PNG Business News - August 12, 2022
Going Green: FAO-led EU-STREIT PNG Programme provides green-powered facility to local agricultural authorities to effectively service rural farmers
EU Funded UN Joint STREIT Programme in Papua New Guinea establishes a renewable energy-powered facility to support local government authorities in East Sepik Province, in delivering effective services to rural farmers and entrepreneurs. With generous support of the European Union, the FAO-led EU STREIT Programme officially opened a new 3 cluster office building on 10 August 2022, to host the Programme along with the East Sepik provincial divisions of Agriculture and Livestock, Cocoa Board and the National Agriculture Quarantine & Inspection Authority. The new-look office building is powered by 189 solar panels, which significantly reduce greenhouse gas emissions and reduces the collective dependence on fossil fuel. The solar panels supply the building with 90 KW of energy, relieving the resident agencies and authorities from relying on fossil-generated electricity for their needs, including lighting, ICT, water pumping, and temperature control. This zero-carbon-emission facility has the capacity to accommodate around 90 experts, technicians and extension service officers. Equipped with 120 batteries, the building can support staff’s operation for 36 hours in case of experiencing high cloud cover. The building, currently co-resided by the Programme and provincial agricultural bodies, will be transferred over to the East Sepik Provincial Administration at the end of the Programme and will continue to provide a sustainable base for sustainable support to agriculture-related services in the Province. Officiating the opening ceremony, His Excellency Ambassador Jernej Videtič, Head of the European Union Delegation to PNG, in his address, said: “I am happy to be here and to see that things are moving in the right direction to bring sustainable benefits to the people of East Sepik” Ambassador Videtič further highlighted that “with resources from the citizens of Europe to fund the EU-STREIT Programme in providing training, tools and support, the quantity and quality of cocoa, vanilla and fisheries products will increase. The objective is also to protect these quality products in international markets under the EU-STREIT introduced initiative of Geographical Indication.” The East Sepik Acting Deputy Provincial Administrator, Mr James Baloiloi, in his speech expressed his appreciation to the EU for funding the EU-STREIT Programme and the interventions that the Programme is doing in East Sepik and Sandaun provinces. “The STREIT Programme has gone ahead to introduce a culture of agribusiness that now enables the people of this Province and the people of Sandaun Province to have cash income that can sustain their livelihoods.” Mr Baloiloi added, “this infrastructure and building supports us and facilitates the service delivery to our people in this Province as well as Sandaun Province.” Thanking the EU for its generous funding support, Dr Xuebing Sun, the EU-STREIT Programme Coordinator, said: “the Programme has generated substantial impacts at beneficiary, local institutions and enabling business environment levels. This would not be possible with good partnership, increased ownerships and leaderships of the governments and implementing partners.” “This co-residing and close co-operation among UN agencies and their national partners in this integrated space reflect the partnership approach taken by the Programme to sustainably develop agri-enterprise activities in the region,” added Dr Xuebing Sun, adding “the new climate-friendly facility, which is fully powered by solar energy, also provides a space to welcome, advise and serve the farmers, including interested women and youth, who play very important roles along agri-food value chains”. “This kind of ‘green investment’ enables a shift to a more green economy for local institutions and infrastructure to meet cocoa, vanilla and fishery value chains stakeholders” advised Anthony Bennett, the FAO Lead Technical Officer of the EU-STREIT PNG Programme. United Nations’ implementing partners supporting the FAO-led EU-STREIT PNG present in the office include the International Labour Organization (ILO), International Telecommunication Union (ITU), United Nations Capital Development Fund (UNCDF) and United Nations Development Programme (UNDP). The EU-STREIT PNG is being implemented as a UN Joint Programme (FAO as leading agency, and ILO, ITU, UNCDF and UNDP as implementing partners), is the largest grant-funded Programme of the European Union in the Country and the Pacific region. It focuses on increasing sustainable and inclusive economic development of rural areas through increasing the economic returns and opportunities from cocoa, vanilla and fishery value chains and strengthening and improving the efficiency of value chain enablers, including the business environment and supporting sustainable, climate-proof transport and energy infrastructure development.
Paul Oeka - August 12, 2022
CPAPNG annual meet to discuss global changes
Certified Practicing Accountants of Papua New Guinea will be hosting their 23rd annual conference with about 400 participants nationwide expected to attend the two day conference organized by CPA PNG in Lae Morobe Province from August 18 to19, 2022 CPAPNG was established in 1974 and has come a long way with a lot of achievements along the way. Over the years its membership grew from mere numbers to just below 2000 which includes 40% locals and 60% non-citizens. . The CPA PNG conference is one of CPAs three significant annual events on their calendar with this year's conference theme; Is PNG prepared for the recession?" The conference will see certain key leaders in executive management roles from both the public and private sector delivering presentations in line with the conference theme. CPA PNG's Executive Director Mr. Yuwak Tau said the theme of the conference was selected because there was a decline in the global economy and the general so when that eventuates small economies tend to be affected. He added that they have basically selected the theme that was current and appropriate so that members would find relevance during the course of the conference. “The meeting is to create intellectual and interactive discussions with seasoned business leaders to present and share their ideas and experiences to find probable outcomes within their business environment and industries in times of economic uncertainty”. Some of the topics to be presented by consultants are current significant issues such as crypto currency, transport pricing, bit coin block chain technology and stress management. This were some topics that people have heard about but have not really ventured into. Mr. Tau added that it would be quite hard to measure the benefits immediately but the participants will be able to look at insights shared during the conference that would be appropriate in the areas of employment, accounting, finance, auditing and others. The conference will create an environment where participants can also share information so That they can take points to apply in their work place and industries. In relation the Kumul petroleum Holdings had also presented a cheque of K50, 000 to support the coming event at their head office. The cheque was presented by KPHL's executive General Manager Corporate Affairs, Luke Liria and was received by CPA PNG Chairman Richard Kuna. Mr. Liria said KPHL has appreciated the effort put in by CPA PNG to ensure that its members in State owned enterprises and the private sector were given appropriate level of training and as part of KPHL's corporate social responsibility and commitment they hope that their support will continue to help the organization facilitate and make sure the accounting practices is of international standards. CPA PNG's Chairman, Richard Kuna acknowledged KPHL for their support and stated that he was looking forward to seeing KPHL being a big part of the upcoming conference.
Paul Oeka - August 12, 2022
BSP: Small to Medium Enterprises Loans reaches 60% rate.
Bank South Pacific's Financial Group Ltd Chief executive officer Mr. Robin Fleming has recently announced that the bank has granted more than K200 million as loans to small to medium enterprises under its credit scheme facility that the then Marape government had released to the bank to support Small to Medium Enterprise (SME) and local businesses during the peak of the COVID-19 pandemic. Mr. Fleming said about 1523 customer loans have been approved, that is about 60% of loan approval rates since 2019. Prior to this announcement BSP and the Department of Commerce and Industry (DCI) had agreed to increase the maximum loan under the small-to-medium enterprise (SME) credit enhancement facility to K5 million. The previous limit was K3 million when the Government first released K100 million as security to the bank under its K200 million SME allocation for BSP to rollout the loan facility last year. Fleming stated that even though they have exhausted and rolled out the bulk of the governments relief funds for SME's they will still be running the SME loan program under its credit facility scheme “At this stage, BSP has not received the funding planned for this year but that is not preventing BSP from giving loans under the facility”. “There remains significant capacity for BSP to continue to assess, approve and funds loans under the facility”. “The agreement with the Government did provide for momentum in the SME facility to be maintained while allowing for the Government budget and funding process to be adhered to”. As part of the government SME relief funding, Commercial Banks were allocated K200 million with BSP Financial Group receiving K100 million, NDB K80 million and another K20 million was allocated to the department of Commerce and Industry BSP could not comment on how the National Development Bank (NDB) is dealing with the K80 million it received, but the intent, when discussions were initiated, was that BSP would be lending to more mature SMEs and NDB to startup ventures. In addition to enabling SMEs to access lower cost of funds through the facility with BSP, the bank has also made it a responsibility to ensure that Government funding is preserved by not approving loans that have a higher risk of default.