A combination of bold investors and new technology is expected to transform the agriculture industry in PNG.
The Australia-PNG Business Council Forum, held in Port Moresby last month, revealed the new era for the agro industry in the country.
The Business Council of PNG (BCPNG) tells Loop PNG that in five to 10 years’ time, bolder investments and technology will make agriculture ventures much more high yielding and technology intensive.
BCPNG Executive Director, Douveri Henao, says coupled with strong business models, the potential to grow the industry and involving locals is greater than ever before.
“So the future is looking quite interesting. We’re now having investors who want to increase their footprint in their existing operations and not only are they increasing their footprint and interest but they’re deploying technology, they’re deploying business models that Papua New Guineans can actively participate in,” he said.
“So for me that’s exciting stuff. When you get that level of unprecedented interest and access in a non-extractive base, you’re creating employment opportunities, you’re creating wealth and utilisation of our assets.”
During the APNGBC forum, firms such as Innovative Agro Industries (IAI), PHAMA and New Britain Palm Oil highlighted the deployment of management strategies as well as technology and the impact it would have.
They also touched on fashioning their own value-chains to improve production and yields, which is where many local small holders or businesses are expected to come in.
Douveri said investors in the industry should be given credit for the potential to change the sector.
Loop file photo