Over K40bn new investments anticipated

On top of that, it is dealing with about K10 billion in investments in sustaining capital expenditure on existing mines.

When presenting at the 17th PNG Resources and Energy Investment Conference in Sydney, Mining Minister, Sir Ano Pala, told attendees that two prominent projects worth over US$11 billion (K41bn) of potential new capital investments are:

Private sector investments key

However, the inability to fulfill commitments and rigidity of the contractual arrangements in the Power Purchase Agreement under the current model is concerning.

The National Research Institute Discussion Paper No. 203 titled: Independent power producers and deregulation in an island-based small electricity system: The case of Papua New Guinea by Associate Professor Rabindra Nepal and Research Fellow Ronald Sofe reviews the prospect of electricity sector reform and the development of IPPs. 

Invest boost in PNG

Enhancing trade is a key objective of the PNG-Australia Partnership, aimed at fostering a more prosperous and stable PNG and to achieve this goal, Australia's economic partnership with PNG focuses on strengthening trade relations.

Austrade, the Australian Government's agency for international trade, education, and investment promotion, plays a vital role in promoting business connections between Australia and PNG. Through Austrade's efforts, Australia continues to encourage and facilitate business collaborations with PNG.

PNG needs investments: Sir Brown

Economist by profession and board member of the Hargy Oil Palms Limited, Sir Brown Bai, says creating a lucrative economic environment, conducive for investments, is vital. 

Sir Brown admitted that PNG needs and requires investment.

The agricultural sector must look towards developing world class operations in the country.

Sir Brown used Hargy Oil Palms and sister company, New Britain Palm Oil, to reaffirm his statement.

Govt invites Middle East investments

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.

​Digicel staff encouraged to be money minded

Personal bankers were on site to assist employees with opening new bank accounts for personal and savings purposes as well as disbursing information on how to obtain loans from the bank.

The exercise was facilitated by the Digicel Women in Leadership League (WILL).

Each month, the Digicel WILL committee hosts an event around a specific theme and in May, the theme was “My Investments, My Money, My Business”. This aims to promote investing and to encourage staff to be money minded.