Oxford Business Group (OBG)

In its 2019 year in review, the Oxford Business Group (OBG) said: “Prime Minister O’Neill resigned in late May following a series of policy disputes and defections within the government. He was replaced on May 30 by James Marape, the former minister of finance.

The Report: Papua New Guinea 2019 analyses the government’s ambitions to generate more fiscal and social benefits from extractive projects over the medium- to long-term, and the likely challenges they will face in implementing changes to the legal framework governing resource projects without impacting PNG’s attractiveness as a destination for FDI.

Carried out by the Oxford Business Group (OBG), the executives expected the long-term economic impact of APEC 2018 to be positive or very positive, indicating hopes are high among decision makers that the country’s year as chair of the inter-governmental forum will boost both regional trade and inward investment.

As part of its survey to gauge business sentiment, the global research and advisory firm asked some 100 C-suite executives from across PNG’s industries a wide-ranging series of questions on a face-to-face basis.

Under the partnership agreement, the global research and advisory firm’s study on PNG’s economic development and investment opportunities will be used for the 2019 edition of the Australia PNG Business Forum and Trade Expo, which is being co-hosted by the APNGBC from June 16 to 18.

The event forms part of PNG Investment Week, which is expected to be a major draw for the global business community following the higher profile PNG achieved in 2018 as Chair of the Asia-Pacific Economic Cooperation (APEC).

However, the Oxford Business Group (OBG) says there are concerns proposed legislative changes could hinder activity moving forward.

In December Australian company Newcrest Mining and its partner, South Africa’s Harmony Gold, signed a memorandum of understanding (MoU) with PNG’s government over a potential PGK9.1bn ($2.8bn) investment to develop the Wafi-Golpu mine, a copper-gold asset in Morobe Province.

It will also consider whether the country’s year as chair of APEC delivered the desired economic results in 2018 and beyond.  

The Report: Papua New Guinea 2019 will examine the government’s new fiscal policies, which are being formulated against a backdrop of rising commodity prices and will spearhead its bid to tackle the challenges the country faces, such as foreign currency shortages and high levels of public debt.

The Report: Papua New Guinea 2018 looks in detail at the broad range of infrastructure projects underway or in the planning stages, which form a key part of national plans to diversify the economy.

Oxford Business Group (OBG) Asia managing editor, Patrick Cooke, said this during the OBG roundtable discussion on PNG and diversification opportunities.

During the roundtable held in Port Moresby yesterday, Cooke agreed that the APEC Summit provided a great opportunity for PNG to come under the spotlight.

He said this not only provides opportunities for economic diversification but increased business and trade through networking.

Titled “Investment opportunities and challenges in 2018 as PNG hosts APEC and focuses on Diversification”, the landmark meeting will host a high-level panel lead by Prime Minister Peter O’Neill.

The panel will also comprise of Minister for APEC and Lands, Justin Tkatchenko; Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk; PwC Managing Partner, Jonathan Seeto; Investment Promotion Authority acting managing director, Clarence Hoot; Nasfund CEO, Ian Tarutia; and Chairman and Director of Innovative Agro Industries, Ilan Weiss.