By SHIRLEY MAULUDU
REAL estate is a driver for growth in the country, with project pipeline and affordable housing initiatives offering potential investors, according to a report.
The Report: Papua New Guinea 2016 examines the part which the primary sector continues to play in attracting investors.
It also analyses Papua New Guinea’s plans to boost support for small and medium-sized enterprises through a new state strategy.
The report was produced by the Oxford Business Group, a publishing, research and consultancy firm
It looks at the potential for PNG now that its biggest liquefied natural gas project has come on-stream.
There is extensive coverage of the latest developments in the four regions, including resource-rich Morobe, expected to reap rewards of an increasingly diverse economy.
Group chief executive officer Andrew Jeffreys said while a fall in the gross domestic product (GDP) growth rate would inevitably create challenges, PNG was well placed to weather a period of transition.
“Like other nations rich in resources, PNG has had to accommodate lower global commodity prices in recent years,” he said.
“However, our debate showed that prudent decisions taken in a timely fashion, an enhanced business environment, and a wealth of untapped resources should provide the country with solid foundations as it enters a new phase of economic development.”
Group managing editor for Asia Paulius Kuncinas said the launching of PNG’s first major LNG project bode well for further recovery ventures.
“The question of how to manage the country’s natural and cultural assets remains a sensitive one,” he said.
“Yet, with investors seemingly undeterred by a challenging external climate, Papua New Guinea may well be eyeing a second major natural gas project before long.”
The report contains an interview with Prime Minister Peter O’Neill, plus a detailed, sector-by-sector guide for investors.
By SHIRLEY MAULUDU