Photo Credit: Helifix Papua New Guinea  The Fly River Provincial Government and National Airports Corporation have inked an agreement to upgrade the Kuinga and Daru airports in Western Province. The MOU, according to Western Province Governor Taboi Awi Yoto, is the province's first of its sort. “Western Province has three big airports –– Daru, Ki...

Papua New Guinea yesterday launched a new project to develop a National Inclusive Green Finance Policy for the banking sector to boost financial inclusion and guide public and private sector investment towards Low Emission and Climate Resilient Development. Bank of Papua New Guinea Assistant Governor Ellison Pidik representing Mr. Loi M Bakani, Governo...

Treasurer Ian Ling-Stuckey has revealed the terms of reference for a review of the Bank of PNG, as well as the members of the review panel. Former Chief Secretary Robert Igara will lead the study, which was planned in the Supplementary Budget for 2020. Former central bank governor Sir Wilson Kamit and Australian professor Dr Stephen Howes are the two memb...

According to the Investment Promotion Authority, foreign direct investment into the nation has decreased by around 45 per cent in the last two years (IPA). Investment interest plummeted from over 1,000 in 2019 to roughly 300 in the first quarter of this year, said managing director Clarence Hoot. “Global FDI (foreign direct investment) outflow has dras...

Prime Minister James Marape has said that there will be no change in the benefit sharing regimes currently being used in the mining and petroleum sectors, without extensive consultation with all players in the resources sector. Prime Minister Marape delayed his planned meeting in Porgera toward the end of last week to be present at the Papua New Guinea...

Zeng Fanhua, the People's Republic of China's new ambassador, recently submitted the letter of accreditation to Governor-General Sir Bob Dadae, the country's head of state. Ambassador Zeng succeeds Ambassador Xue Bing, who was recalled after completing his service in Papua New Guinea. Ambassador Zeng stated the President of the People's Republic of ...

If Papua New Guinea wants to maintain its economy, resource projects should continue to come online, according to an industry expert. This was said by Chris Chambers, Santos PNG's general manager and a PNG Chamber of Mines and Petroleum council member,  during the chamber's webinar series. He stressed the need for collaboration between the government and ...

Mr. Henray van Vyve, Managing Partner of Meurisse Chocolate NV (right), a Belgian Chocolate manufacturer that uses PNG cocoa beans, presents the Papua New Guinea brand to Ambassador Joshua Kalinoe at the PNG Embassy in Brussels, Belgium. (Photo-courtesy of the Embassy of Papua New Guinea, Brussels, Belgium). A Belgian chocolate manufacturer has include...

Photo Credit: Paga Hill Development Company - PNG Ltd In accordance with the Marape-Basil government's Special Economic Zone concept, a new multi-million kina casino would be built in Port Moresby to encourage tourists and stimulate other economic activity. The National Gaming Control Board (NGCB) and the Paga Hill Development Corporation (PHDC) hav...

Photo Credit: Oxford Business Group   According to ANZ PNG managing director Mark Baker, the country's long-term survival rests on diversifying its economic base to allow agriculture and manufacturing to thrive. Baker stated that it will need increased investment in infrastructure, particularly roads and power. “The source of that significant ...

The publication of the PNG Extractive Industries Transparency Initiative reports are meaningless if they do not give rise to critical policy debates for a robust mining and petroleum sector in Papua New Guinea, an official says. Head of PNGEITI National Secretariat Mr. Lucas Alkan told leaders at the 36th Australia Papua New Guinea Business Forum on We...

The Russian Federation has declared that it is happy and willing to supply the Sputnik V vaccine to Papua New Guinea. It said that once the pandemic is over, Prime Minister James Marape will be welcomed to Russia. The Russian government is negotiating with Papua New Guinea to create a reciprocal visa-waiver deal. This was said by Ludmila Vorobyov...

Trafigura Group Ltd has received approval from the Independent Consumer and Competition Commission (ICCC) for its planned acquisition of an additional interest in Puma Energy Group Ltd. Puma is now controlled by Trafigura, which owns the majority of the company, and will have a majority stake in Puma after the takeover. While Trafigura and Puma were...

Photo credit: Loop PNG (2020) Fisheries and Marine Resources Minister Dr Lino Tom says the National Fisheries Authority (NFA) and the Fisheries and Marine Resources Department are working on two main fishery ventures in Morobe and Madang. “The Voco Point facility will cost about K100 million,” he revealed. “Funding for the project is ready. We are j...

President of the Autonomous Bougainville Government, Ishmael Toroama, stated that Bougainville must achieve independence over the next four years, with members of the independent state's parliament being elected by June 2025. This comment was made by President Toroama as he explained the ABG's official stance as Bougainville starts the first post-refer...

The PNG Fisheries Strategic Plan 2021-2030 was recently approved by the National Executive Council for the next ten years. It lays out the Strategic Road Map and Vision for an internationally dynamic, equitable, and sustainable broad-based fisheries market and industry. PNG Fisheries Strategic Plan 2021-2030, according to Prime Minister Hon. James M...