PNG INDUSTRIAL AND MINING RESOURCES EXHIBITION 2022
by PNG Business News - March 10, 2022
A Premier industry event for Australia and Papua New Guinea The 2022 PNG Industrial & Mining Resources Exhibition will showcase over 100 local, national and international manufacturers and suppliers with the latest innovations in the supply of services and equipment for the industrial, mining and oil & gas sectors.
The two-day exhibition is the premier meeting place to connect and network with thousands of industry decision makers across a broad industry reach including: Senior Management, Procurement, Government Personnel, Engineers, Contractors and Trade Technicians.
This year, exhibitors will have the opportunity to attend a free How To Do Business in PNG Seminar, and give a short presentation across one of two Conference stages on the exhibition floor over the two days.
An Industry Networking Event will also run in support of the trade show.
TRADING HOURS: Wednesday 8 June 9am - 4pm Thursday 9 June 9am - 4pm
REGISTERED ATTENDEE FIGURES: 2019 2,180+
CONTACT: Patrick McElligott - Patrick@ttmediagroup.co.nz
PNG Business News - March 09, 2022
PNG-UAE Commodity Trade Potentials Boosted
Potential for PNG-UAE commodity trade, including in mineral products will soon be boosted with the involvement of UAE state-owned companies and other private investors closely connected to the country's Royal families. This is possible through the aggressive implementation of the target-based investment, trade and market access strategic framework by the PNG Expo2020 Pavilion in Dubai. The framework was approved by the Marape Cabinet as part of the Government's policy to increase trade and investment with the focus on using the international economy to facilitate domestic economic growth. The PNG team in Dubai has made important investment and trade connections with both private and public sector business organisations, including the state-owned commodity trade facilitating agency, the Dubai Mutli-Commodities Centre (DMCC). A Letter of Intent (LOI) has been exchanged between PNG and DMCC for trade in commodities, including in agriculture and mineral products. Commissioner General for Expo2020 and Papua New Guinea's Ambassador to Belgium and the European Union, HE Joshua Kalinoe said with K3m investment by the Government in the PNG Pavilion programme in Dubai, the country is to immediately bring in millions of Kina and in the medium-to-long term billions of Kina from the trade and investment connections that are being made. " We have recently announced a carbon trade partnership between a PNG timber concession permit company and an international environment conservation company that will result in sustainable millions of revenue flow annually for both the Government and the landowners for many years to come. "We expect to soon announce major partnerships in commodity trade, including in mineral products", Ambassador Kalinoe said. He said the Pavilion Operations will come to an end on 31 March with the closure of Expo2020 and the Minister for Foreign Affairs & International Trade, Hon Soroi Eoe, is expected to officiate at the closing ceremony. The Minister will also address the Pavilion's last business forum under the Expo2020 programme on 29 March. The forum will be organised in partnership with a Dubai-based investment company, IBMC, and is aimed at bringing the PNG-UAE businesses and Governments together. "I am hoping that one or two important partnership arrangements will be announced, at this final business forum," Ambassador Kalinoe said. Article courtesy of PNG Expo
PNG Business News - March 31, 2021
PNG Ports Explains Their Decision to Deal with Covid-19
COVID-19 had a major impact on Papua New Guinea's exports and port movement, but the PNG Ports Corporation had taken political decisions to handle the situation. In recent months, the world has seen and continues to see a significant shift in everyday lives, which has had significant implications for industry, commerce, and transportation. The pandemic's emergence altered both economic and trade forecasts for 2020. New predictions have reduced forecasts to negative 4.9 per cent, down from an estimate of 3.6 per cent increase in container trade worldwide in the fourth quarter of 2019 to 2.5 per cent in January 2020. PNG Ports chairman Kepas Wali clarified that the company's earnings were the result of tight cost-cutting steps and prudent decisions taken by management. Last year, he said, the closing of borders and prohibitions surrounding the COVID-19 pandemic struck PNG Ports hard, which is dependent on trade. Despite COVID-19, PNG Ports has continued to operate all of its ports. “When COVID-19 hit the country and the world, the management of PNG Ports worked quickly and instituted certain protocols and prevention measures just so we can maintain our ports operations,” he said. “The management’s quick response to the situation has made it possible for all ports to operate during the hit by the pandemic through until now.” He said the pandemic's consequences on the company were expensive, but PNG Ports is happy with the positive results obtained by their management's swift reaction and aims to continue this going forward.
PNG Business News - March 25, 2021
PNG Ports Corporation Records K83mil Profit
PNG Ports Corporation has reported a profit of K83 million for the full year of 2019. This permitted Kumul Consolidated Holdings (KCH) to receive a full-year dividend payment of K21 million, which was finalized yesterday with the presentation of K11.4 million to KCH as a second payment following the first part of K9.6 million paid in November. Chairman Kepas Wali said PNG Ports had had a challenging two years, with the Covid-19 impacting the majority of its business. “We saw a decline in shipment and cargo through our ports, but because management instituted certain stringent measures in management and costs, PNG Ports has been able to maintain a healthy bottom line,” he said. “Despite the Covid-19, we have been able to maintain the ports operationally. Management quickly introduced certain protocols at the ports when the pandemic hit to keep the ports operating. There wasn’t any stage that the ports were closed down. They (PNG Ports Corporation) were able to separate the operation of the ships from the shore so shipping continued and cargo was still transmitted through our shores.” Wali also explained that the dividend was based on a loan agreement they had with Bank South Pacific (BSP), which stipulated that only 25% of profits could be paid out as dividends. The dividend payment for 2019 was timely, according to KCH managing director Isikeli Taureka, since the money would be injected into other state-owned enterprises (SOEs) that were struggling during the Covid-19 period. “One of the things we appreciated is that apart from the major ports, most of the secondary ports around the country are at least recovering cost and breaking even.” The dividend payment was agreed by State Enterprise Minister William Duma. PNG Ports, according to Duma, has been a reliable performer over the years. He stated that the K21 million spent in 2019 was a good effort. “We need every toea and the K21 million is a lot of money and in times like these millions of kina makes a big difference,” he said. PNG Ports Corporation has also paid the government a total of K43 million in royalties.
Place your Ad Here!
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.