Government agencies must work together to make sure investors coming into the country follow the country’s laws and regulations.This, according to the Investment Promotion Authority (IPA), agency in charge of promoting the country and bringing in investors. For Managing director Clarence Hoot, the problem lies with foreign investors going into business ac...

According to PNG Ambassador to China, Don Sawong, the estimated value of exports of China grew from US$34.56 billion (K118.29bil) in 2018 to US$38.52 billion (K131.85bil) in 2019.He revealed these figures during a recent Pacific Island Countries investment promotion event in Shenzhen, China, saying that the extractive industries amounted for 89 per cent o...

Papua New Guinea Prime Minister James Marape has welcomed the passage of six significant legislation that guarantees the US$20 billion Papua LNG Project in the Gulf in months ahead.In a press conference attended by Petroleum Minister Hon. Kerenga Kua and Gulf Governor Hon. Chris Haiveta, he said, “Today is good news for the country. The laws have finally ...

Entities linked with company advisor Matt Liddy have given Gold Mountain (GMN) $2 million for its flagship Wabag project in Papua New Guinea.Overall, the stakeholders have bought over 36 million Gold Mountain shares at 5.5 cents per share. Gold Mountain, on the other hand, is set to issue over 2.5 million shares to satisfy placement fees payable to the in...

With Papua New Guinea’s leading provider, Nasfund, smallholder growers who provide Oil Palm to New Britain Palm now have the chance to save for retirement.In accordance with the Fund’s Eda Supa product, an initial 700 smallholders have now signed up for these superannuation contributions under the arrangement - which was facilitated by NBPOL.To celebrate ...

Following a stringent process, the Tari Piwa Poultry Farm has achieved the leading global accreditation for food safety and quality, as accredited by the Hazard analysis and critical control points, or HACCP. This is a global certification for quality and safety, including for storage, slaughter, processing and the sales and marketing of poultry products....

The effects of COVID-19 on impact revenue will continue until 2021. According to the projections done in the 2021 Budget Paper Strategy (BPS) by the Department of Treasury, the loss in business income will still manifest in reduced corporate income tax earnings in 2021 as filings for 2020 assessable year become payable in 2021.The document further predict...

In the midst of the current political instability in Papua New Guinea, Australia’s Prime Minister Scott Morrison has cancelled his trip. This comes after high profile ministers led by Deputy Prime Minister Sam Basil have defected to the opposition led by Belden Namah. PNG’s Foreign Affairs Minister Patrick Pruaitch and Attorney-General David Steven also c...

After 12 high-ranking government ministers led by Deputy Prime Minister Sam Basil defected to the opposition, current Prime Minister James Marape, is facing a leadership threat. This comes a day after the passing of the Independent Commission Against Corruption Bill and a week before the schedule of handing down of the 2021 budget. These officials mention...

As part of the government’s medium-term plan to reach its vision of going rural, Prime Minister James Marape has recently launched the K2.3 billion agriculture medium-term development plan 2020-2022 which took a year to plan and design.The Agriculture Department and the Department of National Planning and Monitoring worked on this development plan.Accordi...

In spite of leaving the European Union, parliament has convened to unanimously continue trading with the United Kingdom. In a vote of 97-0, parliament voted to waive section 117(3) of the Constitution that has bound PNG to trade with the UK under the EU.Section 117(3) would be ratified for PNG to trade with the UK under the UK and Pacific interim economic...

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 discuss the reopening of the Porgera Mine, the Porgera Landowners Association (PLOA) Negotiating Committee met with Barrick Chief Executive Officer Mark Bristow and Senior Vice President and Head of Corporate Affairs of Asia Pacific, Woo Lee in Port Moresby.While the Barrick team has been in Port Moresby for a month already, the PLOA Negotiating Commit...

To combat corruption, the Papua New Guinea parliament has passed legislation which establishes an Independent Commission Against Corruption (ICAC).In 2015, constitutional establishments to establish an ICAC were passed but efforts to take this into full force lapsed - until the Marape government took over last year.According to Police Minister Bryan Krame...

The largest container vessels in Papua New Guinea have already made its maiden call to Shanghai.The 2,750 teu Lae Chief and two sister vessels equipped with three 45 tonne cranes which can carry breakbulk, out-of-gauge, reefers and vehicle cargoes is now sailing to Lae, Port Moresby and Townsville.“This is a proud moment for Swire Shipping, not only becau...

Left to right; Chairman Charles Vee, Julienne Leka-Maliaki; Doris Gedare Julienne Leka-Maliaki and Doris Gedare join Nasfund board, the former to the Board of Trustees National Superannuation Fund Limited while the latter as Board Secretary. Leka-Mallaki replaces former director Hulala Tokome as an Independent Director. Leka-Mallaki has over 26 years of e...