Category Archives: Growth

On schedule

Source: The National

By GYNNIE KERO 


Oil Search Ltd is confident the APEC Haus taking shape in Port Moresby will be completed well before the contracted deadline – July 31.
Its construction at Ela Beach is paid for through Oil Search’s tax credit scheme for K120 million and Construction Project Build (CPB) Company is leading the work.
APEC Haus project manager Peter Kearsley said 65 per cent of the building was completed.
“Yes, the project is on budget,” he said. “The next thing you will see is glass go up at the start of February.
“Now having had the roof on, we are able to work on the ground floor.
“Contracted deadline is July 31, the guys will definitely beat that. It will be finished before the end of July.”
Prime Minister Peter O’Neill yesterday said APEC Haus would be converted into a world-class museum after the leaders’ meeting in November.
He also highlighted that more than 80 per cent of the project workers were locals. “Many of our artefact, thousands of years old and held in museums (elsewhere), we want to bring back here,” O’Neill said.

NZ boosts PNG’s APEC Prep with K35m

Picture: New Zealand High Commissioner Sue Mackwell officially signed the documents with APEC Minister Justin Tkatchenko in Port Moresby.

Source: Loop PNG.

The New Zealand Government yesterday signed several official documents with the Government of Papua New Guinea in Port Moresby. The documents signed were related to a total of NZ$ 15 million (K35 million) NZ’s support towards PNG as the hosts for the Asia Pacific Economic Cooperation (APEC) Summit in November of this year (2018).

 

The document was signed by the NZ High Commissioner Sue Mackwell and with Papua New Guinea’s APEC Minister Justine Tkachenko.

 

New Zealand was one of the first economies to support PNG’s bid for APEC 2018.

 

In 2017, the New Zealand government established a NZ$ 8 million APEC’s Fund to support PNG.

 

“We are pleased to be able to support eight proposals which will see funding directed to water policing, cyber security, activities to support the PNGDF which includes support for incident response group preparations, defence intelligence training and the contribution of New Zealand Defence assets and staff for Leaders’ week.”

 

The Fund is available to PNG, New Zealand and international partner agencies to submit proposals for funding towards initiatives to support the planning and delivery of APEC 2018 across security, logistics and policy areas.

 

Meantime, APEC Minister Tkatchenko thanks New Zealand for their continuous support and friendship with PNG.

 

The funding includes support to PNG’s APEC Business Advisory Council (ABAC), protocol and liaison training, the contribution of a senior New Zealand Police contingent of 11 officers working under PNG-Australia Policing Partnership in support of the Royal PNG Constabulary’s training and preparations.

 

APEC Meet To Boost Local Businesses

Source: Post-Courier

 

BY MATTHEW VARI

The APEC summit this year is expected to boost the country’s economy through direct spending anticipated at K200 million by more than 15,000 international delegates.

 
This is according to APEC PNG 2018 Co-ordination Authority CEO, Christopher Hawkins on the gain for local businesses during the summit this year.

 
“There is a few different areas for business, one is throughout the year with more than fifteen to eighteen thousand delegates coming, and that is not just the people attending the meetings, but those who arrange for their delegations and ministers and leaders, we estimate there will be a cash injection of around K200 million straight through that,” Mr Hawkins said.

 
He said the estimate covers airfares, accommodation, setting-up temporary offices for delegates to support their ministers, presidents and prime ministers.

 
Mr Hawkins said the spending indicated in the 2018 Budget appropriation of K300 million will also be spent in the local economy, with a major portion also focused on security preparations for that budget.

 
“Then there is the direct spending. We break that into consumables for the meetings that includes booking venues for meetings, the papers used to the signage to bottle of water to the transportation around the city.

 
“That comes out of the APEC budget this year, but don’t forget the big part of the APEC budget is security. That is investing in capacity we should have been advancing many years ago and now our government is in preparation for APEC investing in that capacity.”

 
Mr Hawkins said progress into the year will see more and more tender opportunities posted on the APEC tenders website.

 
“Areas like production of shirts hospitality and catering. We engaged a lot last year that went up on the APEC tenders website.”

Deal made for fishing businesses to recieve loans

By MARK HAIHUIE 


THE National Fisheries Authority has paid K1 million to the Peoples Microbank Limited as part of an arrangement to provide a loan facility to fishing businesses.

 
Bank’s head of credit Danny Koka said it was an installment of the K5 million agreed to in 2014.

 
Koka said the agreement with NFA since 2014 was the commitment of K5 million which would be used as a revolving fund for fisheries business loans.

 
“So far they have given usK3 million and from that we have already lent out K4.2 million to customers,” he said.

 
“The maximum we disperse is K25,000 for fisheries-based business such as to those who want to buy dinghies for their businesses or equipment for fishing and across a range of needs.

 
“This next installment will go a long way in supporting the success we have had with the loans from this arrangement.”

 
NFA provincial support and industry development executive manager Welete Wararu said similar arrangements were in place with other organisations.

 
She said it was important to have timely reporting on funds used to enable funding from NFA.

 
“We are not in the banking business but rather come in with funding to create an enabling environment for fisheries businesses to get funding with ease,” she said.

 
“It is important for us at NFA to have reports on the funds so that funds committed through our agreements either for PML or others to be given early so that we can maintain the support for those in the fisheries sector by getting the funding.”

Water project to benefit villagers

The Papa Lealea village situated a few kilometers from the PNG LNG site after two decades will finally receive a long awaited basic service of water supply.

 

The water supply, an Initiative of the provincial government will be implemented later today.

 

This follows the ground breaking ceremony in March this year.

 

Present at the launching ceremony will be dignitaries, including Member for Kairuku Hiri, Peter Iso Aimo, and representatives from the Governor’s office and Water PNG, including CEO and Managing Director, Raka Taviri.

 

Taviri said water supply is a most important basic need.

 

He also highlighted some of statistics including the effect of climate change and its impact.

 

For the launch, initially the water supply will be free for 17 days after which charges will apply.

 

An agreement is also anticipated to be signed between the government and Water PNG.

 

Council members from both Papa and Lelea acknowledged the initiative and said it was a burden loosened up for the villagers.

Author: Imelda Wavik

Source: Loop PNG.

Airline hails increase in transport subsidies

ONE proposed Government action that should clearly benefit PNG Air is the proposal to increase subsidies for the transport of perishable agricultural products in the country, says chairman Murray Woo.

 
He said this was a sensible economic policy, promoting growth in the agricultural sector, and potentially leading to export markets as well as some import substitution.

 
“It fits particularly well with PNG Air’s decision to convert one of its Dash 8 aircraft to a freighter configuration,” Woo said. “Increased vegetable carriage would provide a steady revenue stream from this aircraft, importantly on flights into Port Moresby.

 
“The aircraft is also able to carry relatively large one-off loads by charter, and to make other regular cargo runs.

 
“The board has not been content to rely on re-fleeting and an upturn in the PNG economy alone to improve the company’s performance.”

 
He said Nasfund, as one of the airline’s major shareholders, had commissioned a report on the company’s business and strategy from the major aviation consultants Aviado.
“The board looks forward to seeing what they may recommend,” he said.

 
“The company has also been the subject of a report from board and governance consultants appointed by the Bank of PNG to look at the board functioning and corporate governance of all companies in which superannuation companies such as Nasfund have substantial holdings, and some recommendations from those consultants to further improve the company’s governance are being implemented.

 
“While there are these positives, certain challenges remained in 2017 due in particular to the weak economic conditions and deteriorating exchange rates.

 
“The falling world commodity prices of the past four years have seen exploration activity remain low and as a result the charter business was flat.”

 

Source: The National

Water supply to get K4mil boost

CHIMBU Governor Michael Dua says the water supply services into Kundiawa will be upgraded at a cost of K4 million.

 
He told The National yesterday that the main upgrading work would be carried out by Water PNG.
But a team of engineers from Eda Ranu are already in Chimbu to carry out the scoping design for the work.

 
“The water supply in Kundiawa has become a chronic disease over the last 10 years,” Dua said.

 
“We have the township continuing to expand, public servants are living and working in the town as well as our people and the business community.

 
“So it’s important that we get our water supply system upgraded and fixed.”

 
Dua plans to improve basic services such as water supply, roads and bridges, electricity, school and health infrastructure.

 
“I want to get all the basic services functioning before moving onto big things.
“I am starting with Kundiawa and will move out to the districts.”

 
Dua commended the Simbaiku, Okendiye and Yongomugl tribes for allowing the water supply restoration project to take place.

 
“I am calling on the Government to make this a priority and release the second batch of K6 million that was already approved by the National Executive Council to pay the landowners who own the water that we are going to pipe to the town residents,” he said.

 
“The NEC has approved K12 million already to pay the landowners and K6 million was paid earlier but the remaining K6 million is yet to be paid.”

 

Source: The National.

K1m boat for B’ville islanders

22/12/ 2017
 Source: Loop PNG

Christmas has come early for the coastal people of Torokina and South Bougainville as they received a boat worth K1 million.

 

 

The boat will make access easier for transporting goods and produce like cocoa and copra between Torokina, South Bougainville and Buka town.

 

The people of the Autonomous Region of Bougainville (AROB), even after 20 years after one of the bloodiest civil wars known in the history of Papua New Guinea, are still picking up rather slowly on the normalcy known throughout the country – like the tradition of celebrating Christmas.

 

Around 20,000 lives were lost, millions of kina worth of properties destroyed and hundreds of millions of kina in revenue lost as a result of the forced closure of the Bougainville Copper Ltd mine.

 

The presentation of the boat is worth celebrating as this is a major burden lifted off for these people who use the Buka passage on a daily basis.

 

 

The other side of the Island, where the main local industry and business operations are often carried out, is only accessible by boat or ferry. This often requires at least a 10-minute cross over from Mainland Buka, from Kokapau.

 

In attendance for the presentation was AROB president John Momis, including other members of the Bougainville Provincial Government.

 

 

During a short speech, president Momis described Bougainvilleans as “proud people who can make a contribution to liberate them from any form of bondage”.

 

The vessel was purchased by South Bougainville Member Timothy Masiu using his electorate’s district services improvement program (DSIP) funds.

 

The boat was bought from businessman Sam Tasion and christened MV Sandyrose Toroka.

Author: Imelda Wavik

Mori invites NZ to invest in agro sector

COMMERCE and Industry Minister Wera Mori has invited New Zealand to invest in Papua New Guinea’s agriculture sector.

 
Mori went to New Zealand to seek investments in the renewable sector, seek support and networking between co-operatives in PNG and New Zealand in agro industries.

 
He held talks with Cooperatives Business New Zealand, Fonterra Dairies and the New Zealand Business Council.

 
PNG provides the largest market for Fonterra’s dairy products.

 
Mori said Fonterra was looking at increasing its global market share, and was an opportunity for PNG to create the incentives which would attract such a large global player in agribusiness and co-operatives in PNG.

 
Fonterra produces dairy products in New Zealand with 10,500 co-operative farmers.
It is willing to extend its social responsibility to PNG through its one-milk one-child per day programme next year.

 
“Fonterra Dairy produces 22 billion litres of milk annually to supply two billion of its customers around the world,” Mori said.

 
“Such opportunities should be considered in the Sepik plain, Markham Valley, Central and parts of the Highlands.”

 
Co-operative Business New Zealand chief executive officer Craig Presland invited Mori and other government institutions to participate at the week-long summit on Feb 27 next year in Auckland.

Source: The National

Photo Credit: Loop PNG.

Bank PNG signs card deal with Swiss company

THE Bank of Papua New Guinea has signed a contract with the Swiss company BPC Banking Technologies for the supply and installation of a national card and mobile payments switch.

 
It is the first step towards implementing the Retail Electronic Payments System (REPS), an initiative launched by the bank in 2015, as the next phase in the development of the National Payment System and its drive for financial inclusion in PNG.

 
REPS followed the successful implementation of the KATS inter-bank electronic payment system which began in February 2015.

 
BPNG said KATS hads shortened cheque-clearance times and provided electronic direct credits between PNG bank accounts.

 
“By enabling full electronic payments, KATS greatly improved financial services offered by banks to their customers.

 
“It provided the PNG economy with a secure, efficient and reliable domestic payment system and set, a solid foundation for future innovation in payments technology, including growth opportunities for Fintech digital financial services.

 
“REPS will allow microfinance companies and microbanks, Savings and Loans Societies and other smaller financial institutions entry into the NPS to offer plastic card and mobile payment services to their customers, so that more people and businesses will have access to financial services throughout PNG, particularly among the rural areas.”

Source: The National

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