Photo credit: International Trade and Investment Ministry of Papua New Guinea Minister for International Trade and Investment, Hon. Richard Maru welcomed Australian Government’s Commitment to work with Papua New Guinea on the development of Special Economic Zones (SEZs). Minister Maru in his meeting today with the Australian High Commissioner to PNG, H...

Photo: Minister for Mining Ano Pala The Mining Act of 1992 is set to undergo adjustments to address sensitive areas and unclear areas such as alluvial mining and exploration activities. This was announced by Minister for Mining, Ano Pala, in response to questions raised by Member for Bulolo, Sam Basil Jr, in Parliament. Mr. Basil highlighted the nee...

Photo credit: Papua New Guinea's Prime Minister James Marape and his Australian counterpart Anthony Albanese Australia's Prime Minister Anthony Albanese has announced plans to increase two-way trade with Papua New Guinea (PNG) in areas such as coffee, cocoa, fisheries, and tourism. In a speech to Parliament, Albanese stated that the Australian and PNG ...

Photo: PM Marape in Parliament Prime Minister Hon. James Marape has welcomed the Investment Promotion (Amendment) Bill 2022, unanimously passed by Parliament today (January 11, 2023), which encourages the growth of Papua New Guinea-owned small-to-medium enterprises (SMEs) while at the same time attracting foreign direct investment (FDI). PM Marape a...

"The Bank of Papua New Guinea has an excess of US$3.7 billion (K13 billion) worth of foreign reserves sitting in the bank that can cater for the country for one year," said Prime Minister James Marape in response to questions raised by the Governor for Southern Highlands William Powi in Parliament. He went on to say, "I was informed by BPNG that the Centr...

Photo credit: K92 Mining K92 Mining has announced production results for the fourth quarter of 2022 at its Kainantu Gold Mine in Papua New Guinea, of 35,538 oz AuEq or 31,204 oz gold, 1,827,085 lbs copper and 40,517 oz silver. Annual production achieved a record of 122,806 oz AuEq or 107,546 oz gold, 6,247,950 lbs copper and 126,043 oz silver, achievin...

Photo: Secretary Dr. Nelson Simbiken The Department of Agriculture and Livestock (DAL) is set to launch its 2023-2027 corporate plan this month, according to acting Secretary Dr. Nelson Simbiken. This plan will aim to drive the sector forward and for the first time, DAL is also upgrading its information and communication technology (ICT) systems. Dr...

Prime Minister Hon. James Marape says Puma Energy has said they replied to Bank of Papua New Guinea’s (BPNG) 13 queries in relation to supply of foreign exchange (FX), but is still in court in a BPNG initiated court proceeding. He said this resulted in Puma stopping its supply of aviation gasoline to Air Niugini, because it could not get the required F...

Photo credit: Internal Revenue Commission PNG - Revenue Haus in Port Moresby The Internal Revenue Commission has collected a record revenue of K15 billion for the public purse this year, according to Prime Minister, James Marape. In a media statement PM Marape has commended the management and staff of Internal Revenue Commission (IRC) for being an e...

Prime Minister James Marape recently stated that the Country has over K12 Billion in Foreign Reserves sitting in the Bank of Papua New Guinea which is the highest Foreign Reserve for the country ever. Marape said this is the Fiscal Policy intervention that the Government is concerned with and the power to make interventions on foreign exchange remains wit...

Photo credit: Zijin Mining. Aerial view of the Porgera gold mine The Prime Minister recently responded to the press statement that was published by the Deputy Opposition Leader in relation to the reopening of the Porgera Mine. “The Deputy Opposition Leader has never sat down at the table with any project stake holders to negotiate a way forward for ...

Photo credit: International Trade and Investment Ministry of Papua New Guinea Facebook Page The Minister for International Trade and Investment, Hon. Richard Maru who is the Minister responsible for the capital market of Papua New Guinea along with its regulator the Securities Commission of Papua New Guinea (SCPNG) said the capital markert will see maj...

Photo: PM Marape Prime Minister Hon. James Marape has welcomed the decision by Bank of Papua New Guinea (BPNG) to issue a provisional license to the Teacher’s Savings and Loans Society (TISA) to set up a fully-fledged commercial banking operation in PNG. “We would like a local bank with share offering to ordinary Papua New Guineans, mothers and fath...

Prime Minister, Hon. James Marape met with the officials from the Bank of China on Wednesday, December 21, 2022, and welcomed their plans to extend their Representative Office license which they obtained from the Bank of Papua New Guinea (BPNG). PM Marape has also encouraged the Bank of China to apply for a full commercial banking license from BPNG to ...

Photo: PNG Treasurer Ian Ling-Stuckey and ADB Country Director for Papua New Guinea David Hill  Credit: ADB in the Pacific Facebook Page The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) recently signed loan and grant agreements amounting to more than $66 million to help improve the country’s technical and vocational educati...

Economic growth in the Pacific will rebound in 2022–2023, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today. Growth for the subregion is projected to be 5.3% in 2022 and 4.8% in 2023, partly fueled by stronger-than-expected tourism activity in Fiji and a recovery in Papua New Guinea’s mine...