Oxford Business Group

PNG’s 2018 business review

In its report, the Oxford Business Group said the February 26 earthquake – along with its series of aftershocks – that struck the central-western Hela Province was the most significant event of the year, causing the deaths of around 200 people and severely damaging much of the country’s industrial infrastructure.

“As a result, major developments such as the $19bn ExxonMobil-led PNG LNG project and Pogera gold mine were halted for several months, delivering a major blow to the economy.

PNG eyes Chinese, Asian markets

In a statement, the Oxford Business Group said in mid-September, the government announced that Chinese tour groups travelling on trips sanctioned by PNG’s Tourism Promotion Authority (TPA) will be able to obtain visas on arrival, rather than having to apply months in advance, as had been the practice.

PNG looks to boost forex flows: Report

In a statement, the Oxford Business Group said foreign currency reserves totalled PGK5.60bn ($1.72bn) at the end of June, up from PGK5.56bn ($1.71bn) at the end of March.

This was according to a statement issued by the Bank of Papua New Guinea (BPNG).

“The bank cited increases in international commodity prices, along with the resumption of production at the Ok Tedi and Porgera mines and the PNG LNG project following a February earthquake, as significant factors behind the rise in foreign exchange,” reports the OBG.

PNG moves to lower costs for agricultural exports: Report

In July, Air Niugini Cargo, a subsidiary of the flag carrier, announced it would offer a 50 percent discount to firms transporting PNG-made products to export markets from mid-2019, increasing access to external markets for domestic suppliers, particularly in the agricultural sector.