The latest international commodity price data published by the World Bank in April 2019, show improvements for most of PNG’s export commodity prices of energy, metals and non-energy commodities, compared to actual outcomes in December 2018.

Bank of PNG Governor, Loi Bakani stated that price for Liquefied Natural Gas (LNG) based on imports to Japan increased by 0.7 percent to US$11.87 per one million British thermal units (btmu), while price of crude oil by West Texas Intermediate fell by 6.6 percent to US$54.9 per barrel.

The prices of most metals and mineral increased, with price of silver increasing by 6.8 percent to US$15.6 per ounce, gold by 6.1 percent to US$1,304.0 per ounce and copper by 1.8 percent to US$6,226 per metric tonne (mt).

For non-energy commodities, prices increased for palm oil by 5.8 percent to US$578 per metric tonne and coffee (Arabica) by 2.8 percent.

to US$2.24 per kg, while cocoa fell by 5.1 percent to US$2.95 per kg. Governor Bakani encouraged the export sector to take advantage of some of the high commodity prices and increase production levels, especially for the agricultural export commodities.

This also includes boosting local production for domestic consumption and replacing similar imported items. He noted the importance of a sustainable export sector as the main source of foreign exchange and reiterated that every support is needed from the private sector, growers and the Government to expand this sector.

“Without the right policies and support from all stakeholders to grow this sector, the on-going issues confronting the foreign exchange market in terms of lower foreign exchange inflows and build-up of import orders will continue to persist.

This will put pressure on the exchange rate and domestic inflation. While the Central Bank can intervene to support the market, its capacity to do so continuously is limited by its accumulated level of foreign exchange reserves,” he said.

Large investment projects such as the Papua LNG and Wafi Gold projects are expected to increase foreign exchange inflows soon like many of these major projects in the past, however, these inflows are not sustainable in the long run.

Therefore, growing the non-mineral export sector is critical for long term sustainable and inclusive growth because the majority of our people are engaged in this sector, especially the agriculture sector.

During the March quarter of 2019, the average daily kina exchange rate depreciated against the Japanese yen by 2.6 percent to ¥32.6844, pound sterling by 0.3 percent to 0.2301 and the US dollar by 0.2 percent to US$0.2968.

Against the Australian dollar and euro, it appreciated by 0.6 percent to A$0.4170 and 0.3 percent to €0.2613, respectively. w

The 2019 PNG Industrial and 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 and 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 and Gala Awards Dinner will also run in support of the trade show.

TRADING HOURS: Wednesday, 12th June 9:00am to 4:00pm Thursday, 13th June 9:00am to 4:00pm

CONTACT renae@ttmediagroup.com.au | AUS: + 61 449 572 142

PNGEXPO.COM

Positive signs are on the horizon for business after three “flat” years due to tough economic times brought on by low commodity prices, last year’s earthquake, and lack of foreign currency, which has increased slightly this year.

Following the recent activity in the minerals and gas sector and a successful APEC Leaders’ Summit, the Australia PNG Business Council has successfully lobbied to bring to our shores four high-profile business investment conferences, -- all of which will be held from June 17 to 21 at the Stanley Hotel and Suites and APEC Haus.

* On Monday 17th to Tuesday 18th June, will be the 35th Instalment of the Australia PNG Business Forum and Trade Expo. Themed “The Road Ahead: Optimising Infinite Opportunities,”key statistics for this event include 900 delegates, 300 Exhibitors and 120 booths, 78 speakers and 15 topics ranging from unlocking customary land, agriculture, infrastructure development, MTDP3, start-ups, disruption and innovation, among others

* On Wednesday, 19th June, the Business Council of PNG in conjunction with the Speaker of the House of Parliament will host their annual Speaker’s Summit, the second instalment. This will also be held at the Stanley Hotel. Themed “Building Papua New Guinea’s Economy,” key statistics include 250 delegates, 100 exhibitors and 40 booths, 36 speakers and six topics in one day.

* On Thursday, 20th June the PNG European Union business conference on “Strengthening Trade and Investment ties between the EU and PNG” will be held at the Stanley Hotel. There is no fee to attend this conference. To register, please email to delegation-papua-new-guinea@eeas.europa.eu. A copy of the tentative program is attached.

* Then on Friday, 21st June the Asia Pacific Business Forum will be held at APEC Haus. David Morris, the Chair of UNESCAP Asia Pacific Business Forum stated: “They will bring to the Pacific for the first time the United National Asia Pacific Business Forum. This will be a high-level government business dialogue on how to bring the benefits from sustainable development to non-urban communities across our region.” Themed ‘Global Goals, Local Opportunities,” it’s the annual flagship event of the UN Economic and Social Committee for Asia and the Pacific Sustainable Business Network.

Interest has been overwhelming, particularly for the UN-sanctioned meet. People in Asia have called putting their hands up to present during the conference.