Category Archives: Investment

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.”

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.

More Students Selected For 2018

 


An increase of more than 12,000 students from this year’s intakes will be seen entering state-run higher learning institutions next year.

 

The Department of Higher Education, Research, Science and Technology Minister Pila Niningi said all results would be made available to the public by end of this week and the list will also be published on the department’s website www.dherst.gov.pg

 

Minister Niningi said with the inaugural use of the online selection system, a total of 12,234 students have been allocated to a study program; that is 47 percent of the 25,848 who applied.

 

He said all students with a grade point average or GPA of 2.3 and above that met respective GPA and subject related entry requirements were allocated space within a Higher Education Institution.

 

First and second preferences indicated by the Grade 12 school leavers were used to allocate a place at institutions while GPA and subject related entry requirements were used for ranking of the selection list.

 

Mr Niningi said all other Grade 12 School leavers that selected the option to be considered for alternate offers were allocated space in the program to which they exclusively met the entry requirement and also to which additional space was available.

 

The minister added that the list is not a confirmed Tertiary Education Scholarship Assistance Scheme (TESAS) awards list. Government sponsored students will receive letters from the department.

 

Source: Post-Courier

GAME CHANGER

 

 

DEVELOPMENT in one of Port Moresby’s iconic area, Paga Hill, will be a “game changer” for the Capital city.

That’s from NCD Governor Powes Parkop when witnessing a historic agreement to begin stage one of the development on Paga Hill.

Governor Parkop, and Lands and APEC Minister Justin Tkatchenko, witnessed the signing by Paga Hill Development Company, and its Advisory Board, who will provide AU$20 million in offshore funding to commence construction of Stage one.

Paga Hill Development Company, led by its chief executive officer Gudmundur Fridriksson, signed the agreement before the two NCD MPs that will see the development of 1.7 hectares waterfront site, which will include restaurants, cafes, retail, commercial and residential apartments.

Advisory board director Peter Barge, the world renowned Australian property executive who was involved in Sydney’s Darling Harbour, Macau, Dubai and other major developments as Jones Lang La Salle Asia Pacific chairman and CEO, flew into PNG from Sydney this week to complete the agreement.

Mr Barge, who was joined in Port Moresby by fellow board members David Galvin and Simon Dulhunty, said the vision for Paga Hill “will help transform a city and country into an emerging tourism destination, while creating many local jobs and boosting the national economy”.

Governor Parkop said his vision is for “Port Moresby to be a model city in the South Pacific, leading the way in tourism and business”, with Paga Hill a key part of this strategy.

He is impressed to see the project now moving from design to construction.

Minister Tkatchenko expressed his appreciation at the amount of open space and discussed the opportunity of establishing a joint working group to ensure the best possible outcome for city and residents, as well as the developers.

Civil works on stage one are well underway with actual construction to commence in March 2018, with Mr Fridriksson saying Stage one will set the scene for what’s to come at Paga Hill Estate, “with waterfront retail, dining and entertainment, it will be an ideal place to live, work and play.”

Source: Post-Courier

Each of 6000 wards to get K10,000

THE Government has allocated K60 million in the 2018 national Budget for developments in wards.

 
Provincial and Local Level Government Affairs Secretary Dickson Guina said K10,000 was allocated to each of the 6000 wards for development projects.

 
“The only way for the country to be developed is for development to take place at the village level,” he said.

 
Guina said during the launching of the department’s 2018-2022 corporate plan in Port Moresby that the government had made the right decision to allocate the funding.

 
“Unless we change our villages, we will never change this country. This is what this department is doing,” he said.

 
Guina said the government policies had changed to focus on the districts.

 
Meanwhile, Inter-Governmental Relations Minister Kevin Isifu has thanked the Australian government for supporting the preparation of the plan.

 
“I expect the other government agencies to implement this plan. Let us now change to frontline services delivery. We must see development in our villages,” he said.

Source: The National

SMEs Progress Well In Chimbu

Source: Post-Courier

BY LYNETTE KIL

Small business operators in Chuave, Chimbu Province, are experiencing success in their business thanks to small and medium enterprises.

Managing director of Roosts Security Service James Kai thanked MP for Chuave and Minister for Commerce and Trade Wera Mori for his initiative in promoting SMEs.

With this help Mr Kai also saw his security firm extending his business branch from Lae to Port Moresby.

“With this SME I have confidence that I will further set up my branches in other provinces as well,” he said.

Other PMV operators and trade store operators are now expanding their business as well.

He encouraged other people to help themselves and make use of the opportunity and service that are provided by their leaders to sustain themselves and contribute to the country development.

 

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