Search Results: fish

The Global Sustainable Seafood Initiative (GSSI) has welcomed the country’s Fishing Industry Association (FIA) as a funding partner. According to Fishing Industry Association (PNG) president and chairman Sylvester Pokajam, this partnership was an achievement for them to improve and to raise their commitment to the conservation of the ecosystem and to prot...

In the last two years, PNG exports to China Have risen over K13 billion.According to Deputy Prime Minister Sam Basil, “It is public knowledge that PNG exports to China have grown from K11.829 billion in 2018 to K13.185 billion in 2020.”He added that the dominant exports were from the liquefied natural gas (LNG) industry. “The three leading recipients of o...

Prime Minister James Marape revealed that PNG must take back its resources from foreign exploitation to take the country out of poverty. This is his Vision 2050 to “Take Back PNG”.“Corruption was sucking 30 to 40 per cent of internal revenue,” he said, adding that the country was not earning the fair cost of its resource exports. “We are still looking for...

With gold, copper and liquefied natural gas (LNG) expected to be strong, the economy could rebound this year.According to K92 Mining Inc chief executive officer John Lewins, this would be achievable if the impact of the COVID crisis is managed and that 2021 would still be a challenging year for many. He said that in early January, the cost of gold rallie...

The Independent Consumer and Competition Commission (ICCC) has recently announced that the Paradise Company Limited can now acquire shares in Hugo Canning Company Limited. “This essentially means that, in its considerations of likely negative effects this acquisition may have on competition, the ICCC did not find any serious concerns,” stated the consumer...

For the next five years, the Ihu Special Economic Zone (ISEZ) project will receive K100 million, as allocated by the National Executive Council, said MP Soroi Eoe.Meanwhile, discussions are going on between the government departments and the project development office about partnership choices. “Kumul Petroleum Holdings Ltd, PNG Ports Corporation, Water P...

In creating a steady stream of income, the people of Bana in Bougainville launched the Bana special economic zone (BSEZ), which is a project intended to form development by tapping into agriculture, tourism and the fisheries industry. This project also creates opportunities for Bougainville by attracting investments to the economic zone. The future of thi...

An economist said that in light of the pandemic, the economy will come off as weak next year. According to Westpac senior economist Justin Smirk, “We expect that there will be weak economic growth in 2021 following the after-shock and recovery of the Covid-19 on businesses and the economy with mining output also expected to be low. The medium-term recover...

Unlike other economic sectors such as fisheries, agriculture, and mining, the tourism industry in Papua New Guinea has not been explicitly measured in the economic statistics for its contribution to the gross domestic product (GDP).Thus, said PNG Tourism Promotion Authority (PNGTPA) chief executive officer Eric Mossman Uvovo. He added that even if the tou...

PNG and the US are working on an investment and trade framework agreement to boost trading between these two countries.According to US Ambassador to PNG Erin McKee, the aim is on bilateral trade opportunities in agriculture and other industries. She added that the trade volume between these countries should rise. “It (trade volume) is not big enough,” Mck...

According to PNG Ambassador to China Don Sawong, PNG is set to finalise a feasibility study for the possibility of having a free trade agreement with China. In an event in Shenzen, China, he said that the two countries were urged to conclude this free-trade agreement. He added that a few memoranda of understandings (MoU) were already carried out between t...

In the next two years, PNG is expected to grow its economy by nearly K18 billion - from K81 billion to K99 billion.This was revealed by Treasurer Ian Ling-Stuckey who said that this growth will benefit the non-resource economy. The 2021 budget was recently passed with only 49 MPs from the government bench.“It is now expected that our economy will grow by ...

Chinese company Fujian Zhonghong Fishery Ltd has signed a Memorandum of Understanding valued at US$150 million (K527.20mil) for the industrial park for marine resources in the Western region. The Company also wants to put up a marine industrial zone. According to Fisheries and Marine Resources Minister Dr Lino Tom, the investor would work with the Nationa...

To continue the development and construction of the Lae-Nadzab four-lane road in the province of Lae Morobe, the government has allocated K19 million. This news is according to Deputy Prime Minister and Minister for National Planning and Monitoring and Member for Bulolo Sam Basil who added that the funding has already been made to the contractor, China Ra...

To grow its economy, the new Autonomous Bougainville Government has looked at the Panguna mine as a key target. According to Bougainville President Ishmael Toroama, aside from Panguna, the government is also looking at other factors such as projects in agriculture, mining, fisheries, and tourism - that generates revenues and increases employment in Bougai...

IN LINE WITH THE VISION TO “TAKE BACK PNG”Article by: Roger Kewa AvinagaRoger Kewa Avinaga is an accomplished corporate and government executive and Board Director having worked in oil, gas, mining and energy sectors for 20 plus years. He also worked for an international organisation – The World Bank Group. He has in-depth knowledge, understanding and ex...