investors

Minister Rosso said, “Because a lot of investors coming into the country, what they are scared of is dealing directly with landowners, we have to give them that confidence, that security, and that’s by acquiring the land.”

Alienated land in the country is approximately 4 percent of the total land banking in Papua New Guinea.

“Some of the land, 50 percent will be acquired to put in areas where like police stations, government centers, which we will outright acquire.

Prime Minister told the investors in Sydney recently.

In his discussions, he advised investors to view their investment in its entirety including diversifying their investment into exploration and tax credit schemes into social license, for the development of law and order infrastructure and services.

They also discussed the issue of incentivizing exploration and optimizing Government take and revenues to invest in downstream processing and value add of the vast non-renewable and renewable resource for export to nearby Asian and global markets.

Insurance firms in Papua New Guinea have a clause in their policies where it explicitly states that they will not offer insurance coverage for businesses that operate on Bougainville.

This policy was brought about due to the unfavourable business environment created in Bougainville as an aftermath of the ten-year civil war, from 1988 - 1998.

In the last twenty years since the 2001 signing of the Bougainville Peace Agreement, people have worked hard to cultivate a conducive business environment on Bougainville.

BSP Group General Manager Corporate Bank, Peter Beswick said ,“Announcements by investors in Papua New Guinea and the South Pacific has demonstrated a strong international investment intentions that will lift economic activities for PNG and the South Pacific in  2022.”

Beswick said, “The mining companies continue to be an attractive investment destination. Growth in mining industry is estimated to be 5.4%, which reflects the expected recommencement of the Porgera and improvements in OK Tedi production and Wafi-Golpu this year, 2022.”

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.

Sonk made this remarks this afternoon when asked about the investors’ confidence in the country in a media conference in Port Moresby.

He said investors have already adjusted to the changing commodity prices.

“The fact still remains that the commodity prices will not change overnight but will take time to gradually change.

“Investors are beginning to accept the fact that the oil price will not change sooner but will take time.”

However, given the declining commodity prices, Sonk said investors have shown confidence to invest in the country.

“Companies cannot expect to take from the country only; they must give back to the country as well, give back more so to the people,” O’Neill said.

He made this comment during the launching of the rebranding of Oil Search Foundation yesterday.  

The foundation is the humanitarian arm of Oil Search Limited.      

“Thanked Oil Search directors and management for generous financial commitment of the betterment of the people, it will change lots of life in the country,” O’Neill said.

Marape said his statement was one of the most reckless statements by a Member of Parliament in the history of the nation.

“He is telling investors to wait until next year to create new jobs.

“How could any Member of Parliament actively campaign against the creation of new jobs for our country?"

Marape said the investment climate in Papua New Guinea remains positive and the economic fundamentals of the economy are sound.

“We are facing global economic headwinds with depressed commodity prices, but the market is returning to better pricing levels.”

Nine of the 10 industry groups in the Standard and Poor's 500 index gained. Energy and financial stocks rose most. Chipmaker Atmel jumped after accepting a bid from Britain's Dialog Semiconductor.

KEEPING SCORE: The Dow Jones industrial average climbed 90 points, or 0.6 percent, to 16,471 as of 12:24 p.m. Eastern time. The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 1,965 and the Nasdaq composite gained one point, or less than 0.1 percent, to 4,828.

The Dow Jones industrial average fell 207 points, or 1.2 percent, to 16,462 as of 9:35 a.m. Eastern time Friday.

The Standard & Poor's 500 dropped 21 points, or 1.1 percent, to 1,968 and the Nasdaq composite declined 55 points, or 1.1 percent, to 4,838.

Financial stocks, which would benefit from higher interest rates, dropped the most in early trading.