Category Archives: Trade

Works Minister: Opening of Missing Road Links, Government’s Priority

Source: EmTV Online

Tucked under rugged ranges between Gulf and Eastern Highlands is Menyamya, one of the least developed districts in the country.

 

 

However, this under developed district is rich with fertile soil renowned for producing one of the country’s best organic coffee.

 

 

“We produce some the best organic coffee in the country, but we don’t have roads to transport them to nearest markets in Lae or Goroka,” a local said.

 

 

Like many isolated rural communities, road access remains a barrier to development and for Menyamya, it has been a barrier for their economic progress and access to basic services.

 

 

In the last 5 years the O’Neill-led Government has prioritised the opening of missing road links.

 

 

On Tuesday, Works Minister, Michael Nali, told the people of Menyamya that the Government will allocate funding from a K3 billion Asian Development Bank loan in order to open missing links in the district.

 

 

“There are many road links in the district, once we open the trans-highway between Gulf and Morobe, Menyamya will be open to the rest of the country as well,” Minister Nali said.

 

 

The K3 billion funding from ADB will be put to reconstruct the entire Highlands Highway, Nadzab to Kagamuga Airport in Mt Hagen.

 

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Govt Invites Middle East Investments

The Government has welcomed the United Arab Emirates to be active participants in projects in PNG.

Minister for Foreign Affairs Rimbink Pato extended the invitation when arriving in Dubai on Tuesday.

Pato said he would be discussing with UAE what they would like to do in PNG, with particular interest in technology and renewable energy.

“The International Renewable Energy Agency is based in UAE and we are keen for it to assist with a review of our renewable energy options.

“We want to find what would best suit PNG, whether it is one or more of the options such as hydro, solar, biomass, windmills, thermal and waves.

“The expertise that UAE has in desalination and sewage management is also of great interest to PNG.”

 

http://www.looppng.com/business/govt-invites-middle-east-investments-68146

Justin Tkatchenko Appointed Minister Responsible for APEC as 2018 Host Year Approaches

Approved for Release

19 October 2017

The Prime Minister, Hon. Peter O’Neill CMG MP, has announced that Hon. Justin Tkatchenko BEM OL MP, has been appointed as Minister Responsible for APEC.

PM O’Neill said with less than two months remaining before the start of APEC 2018, it is timely for the Minister to resume the portfolio he held before the National Elections.

Responsibility for APEC will be added to the Minister’s current portfolio of Lands and Physical Planning.

“Minister Tkatchenko has substantial experience in the co-ordination of major events at the ministerial level,” the Prime Minister said.

“As minister he oversaw the successful delivery of the Pacific Games and the Pacific Islands Forum.

“Hosting APEC is of much greater magnitude, and Minister Tkatchenko is well placed to ensure the successful delivery of all of the components that must be delivered for APEC in the coming year.

“Over the past three years Minister Tkatchenko has had a core role in planning for APEC 2018 in Papua New Guinea, and particularly as APEC Minister prior to elections.”

The Prime Minister said the start of Papua New Guinea’s APEC year is only months away and Government preparations continue to increase.

“Beginning with the Informal Senior Officials Meeting in December, the focus of APEC Member Economies, and the regional business community, will be on Papua New Guinea.

“Through the year we will hold a range of technical and Ministerial meetings concluding with the APEC Leaders’ Summit in November 2018.

“In this time there will be substantial attention on the delivery of major projects including the construction of APEC Haus, the Hilton Hotel and the renovation and upgrade of Morauta House and the National Convention Centre.

“In the delivery phase of APEC we will see the ongoing increase in personnel and the training regime for staff who are delivering APEC logistics, security and the policy agenda.

“Papua New Guinea will experience significant gains from hosting APEC that will not only include the promotion of trade, investment and tourism, but in capacity strengthening in economic sectors.

“The APEC policy agenda and technical support covers a wide range of areas critical for development and the creation of more jobs.

“This includes agriculture, forestry, transportation, tourism and resources, that are all essential for future economic growth in the country.”

PNG and Europe Continue to Work Together on Development, Trade and Environmental Issues

Papua New Guinea and the European Union will expand co-operation in the implementation of development projects, the deepening of business and engagement on global environmental issues.

The commitment to further strengthen relations was made during a courtesy call to the Prime Minister, Hon. Peter O’Neill CMG MP, by the European Union Ambassador to Papua New Guinea, H.E. Ioannis Giogkarakis-Argyropoulos.

The Ambassador, who is now beginning his third year in Papua New Guinea, also delivered a letter from European Council President, H.E. Donald Tusk, and European Commission President, H.E. Jean-Claude Junker, encouraging a deepening of co-operation.

“The European Union is a very important development partner for Papua New Guinea and we value this relationship,” the Prime Minister said following the meeting in Port Moresby.

“This is an engagement for which we now commemorate 40 years through the Lomé Convention with Europe.

“Development co-operation has strengthened a number of areas in Papua New Guinea, including enhancing environmental management, strengthening public financial practices and promoting of renewable energy.”

The Prime Minister said the EU is also very encouraging of European trade missions visiting Papua New Guinea to promote increased commerce and investment.

“We will have a trade Mission from Sweden coming to Papua New Guinea soon, and more to follow in the coming year.

“Increased people-to-people contact, particularly with high level business people, highlights the investment potential of Papua New Guinea.

“There are many Europeans who are only now beginning to find out about our country, and consuming our fish and other exports.

“We will continue to grow the European market for Papua New Guinea products.”

PM O’Neill said Leaders and Officials from Papua New Guinea will also continue to work with their European counterparts on global environmental issues, that includes climate change and the sustainable management of oceans resources.

“Europe has a clear interest in protecting and enhancing the natural environment, and we will ensure that we work together in international forums to promote sustainability.”

Source: PM’s Media October 12, 2017 at 4.37pm

Official Opening of Lae Biscuit Company’s Second Factory

Press Release

Governor General Sir Bob Dadae and Minister for Civil Aviation Alfred Manase officially opened Lae Biscuit Company’s second Lae factory on Friday (6th October 2017), last week.

Speaking on the half of the Prime Minister at the opening ceremony, Minister for Civil Aviation Alfred Manase welcomed the opening of the new factory saying, that is the kind of investment that the Government is looking for.

“In the Alotau II accord, the government has put revenue making and investment as one of its top priorities therefore investments such as this one are all welcome by the government,” Minister Manase said.

He said the company is also providing jobs for more than 1200 people, producing biscuits that all Papua New Guineans like.

“The government wants more of this types of investments in the country.”

Minister Manase added that these types of investments would increase revenue for the country, create more employment opportunities and reduce imports that can help to address the foreign currency issue currently faced by the country.

He also committed to working together with the National Government and Morobe Province Members of Parliament to develop the Nadzab Airport.

Other dignitaries present to witness the opening ceremony were the President of the Autonomous Region of Bougainville, John Momis, His Eminence, Cardinal John Ribat, the Governor of Morobe Province, Ginson Saonu, Police Minister, Jelta Wong, the Ambassador of China to Papua New Guinea, His Excellency Xue Bing and Clients and distributors of the Lae Biscuit Company products.

The Lae Biscuit Company was established in 1972 and has been serving and providing employment for the people of Papua New Guinea for over 40 years.

Source: PM’s Media Unit

Proposed policy to declare revenue

Source: Loop PNG

9th October 2017.

 

The Department of Mineral Policy and Geohazards Management (DMPGH) says it is working to introduce a policy for stakeholders in the mining industry to declare any revenue received or made from mining projects.

 

Secretary Harry Kore told Loop PNG that the policy idea came about during consultations for the Revised Mining Act.

 

He said while there are reports of mining revenue generated, a lot of locals impacted by mining activities claim to not see any tangible results.

 

Kore said the policy will ensure stakeholders such as provincial governments, authorities such as the Mineral Resources Authority (MRA), Mineral Resources Development Cooperation (MRDC), as well as landowner association chairmen and landowner company CEOs declare revenue received for the benefit of all.

 

“You fail to do that and you will be held accountable and you will be penalised under the law. So it becomes a practise. Every quarter they just declare their interest. We know that so much money goes to our landowners but whether it trickles down to the peoples is another thing,” said Kore.

 

The policy idea is similar to a draft legislation currently being drawn up by the PNG Extractive Industry Transparency Initiative to make mandatory all revenue from the mineral, petroleum and gas sectors to be fully disclosed as per good governance standards.

 

Kore said they are yet to have formal discussions regarding the policy idea however, there is cooperation and the policy complements that of the work the EITI is undertaking.

 

Secretary Kore added that one of the agendas of the policy is to ensure there is sustainability in how revenue is invested back in the country.

Govt to inject K310mil into forex market

Source: The National

THE Government plans to inject US$46 million (about K142.6 million) into the foreign exchange market to ease the shortage problem.

 
A statement from the Bank of Papua New Guinea and the International Revenue Commission yesterday said there would be a further US$54 mil (about K167.4 mil) released into the market later this week as part of the two-phase intervention by BPNG.

 
The statement said: “In regard to the US$100 million (K310 mil) intervention in the market, the bank has decided to implement the intervention in two phases.

 
“The first release of US$46 million  to be effected immediately for many small import orders.

 
“The remaining US$54 million will be effected for few large imports in the first week of October 2017.”

 
Deputy Prime Minister and Treasurer Charles Abel thanked BPNG and IRC for undertaking immediate measures as part of the Government’s 100-day economic recovery plan.

 
“The fundamental issue is the over-reliance on imports of processed goods for our needs and the lack of self-sufficiency in agricultural food production which will result in major import replacement,” Abel said.

 
“This is exacerbated by a tax system that is quite complex to administer affecting collection of tax revenue that is due to the State. The 100-day plan intends to begin the process to address these issues.”

 
A memorandum of understanding will be signed this month to allow Puma’s purchase of crude oil from Oil Search to be in kina.

 
BPNG met with Oil Search and Puma Energy to implement the agreement reached between Abel and both parties to sell to Puma Energy domestically-produced crude oil which will be finalised and a memorandum signed.

 
The arrangement will accommodate 50 per cent of Puma’s crude imports.

 
BPNG is also in the process of reviewing offshore foreign currency accounts to assess if those accounts holders have to remit some of the balances to their inshore accounts.

 
The Government is also understood to be in talks with the Asian Development Bank and the World Bank for a further loan facility which is expected to be finalised this month.

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