• PNG Business News

Updates on Resources Projects Needed

Bank South Pacific (BSP) chief executive officer Robin Fleming said that companies are interested in updates on resources related projects, which will help them plan out the direction for future investments.

According to Fleming, the improvements of the projects such as the Papua LNG, Wafi-Golpu and the Porgera mine would give businesses clear direction.

“Many businesses are interested in announcements on key projects such as Papua LNG, Wafi-Golpu and the Porgera mine as they are in the budget specifics as those projects will give businesses clarity on where they should be focusing their future investments,” Fleming said. “Any government budget is focused on not just specific revenue generation and expenditure required to support the delivery of government services but equally, the policies that support the generation of future revenues, improving the infrastructure that enables the business to grow and policies that facilitate investment.”

Fleming added that there were still no talks on bank tax or baking levies and that it is expected that there will be no modifications to the existing regime. In the passing of the 2020 National Budget, a rise in the banking levies was suggested - which was not embraced by banks and their shareholders as any increase can negatively impact returns to shareholders.

For his part, Credit Corporation PNG chief executive officer Peter Aitsi remarked: “As indicated by the Government, it is important to progress the major resource projects such as P’Nyang and Wafi Golpu. The inflow of investments from these projects should generate flow through benefits for businesses generally and provide a stimulus to further support Government’s efforts to grow the SMEs (small to medium enterprises) and MSME (micro small to medium enterprise) sectors.”

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