Authority predicts challenging years

THE acting managing director of the Investment Promotion Authority Clarence Hoot says the next two years will be very challenging in terms of investments.
This is because of the 2017 general election and the 2018 Apec summit.
“The indicators are pointing us to the very challenging year next year with the elections coming up,” he said.
“Coming from the Government perspective, it’s going to be a very challenging year for the economy overall,” he said.
He said this during a panel discussion following the launching of The Report: Papua New Guinea 2016 in Port Moresby yesterday.
“Following 2017, we will have the 2018 Apec(Asia Pacific Economic Countries)(summit) here. So it’s going to be a tough year going forward,” he said.
“I’m sure the Government is taking stock of that and continuing to point its limited resources towards those areas.
“From the IPA perspective, we continue to try our best with other stakeholders to promote Papua New Guinea because the opportunities are substantial.”
Hoot highlighted tourism as a sector that should be given much thoughtin the country.
“Last week, we had a tourism week and from what we heard from our small SMEs (small to medium enterprises) in the provinces, there is enormous potential.”
He said with the enormous potential in tourism in the country, the tourism authority will continue to promote the country and urged the people, businesses and stakeholders to promote tourism.