Business confidence remains high

 BUSINESS Advantage PNG online said the PNG Advantage Investment summit held last week drew more than 300 international and local delegates.

It said that the delegates discussed a wide range of business opportunities right across PNG’s economy — from gas and mining through to agribusiness, technology, fisheries, services and education.

In a summary statement of last week’s two-day summit, Business Advantage online said as Australian “airport economist” Tim Harcourt reassured delegates, there was plenty of life left in the Asian economic boom, with urbanisation and food consumption rising sharply in both China and India and PNG is well placed to benefit.

Short-term gloom in the mining sector is not dampening spirits too much as ANZ PNG’s managing director Mark Baker pointed out the long-term forecast for the country is overwhelmingly positive, with ANZ-funded research predicting a doubling of the economy by 2030.

“If this year we achieve GDP growth somewhere between 5% and  6%, then I believe that will be an excellent outcome, and a real sign our economic management is on track,” Prime Minister Peter O’Neill told delegates.

Bank of Papua New Guinea Governor Loi Bakani confirmed PNG’s inflation was under control, its cash reserves strong and predicted the country’s balance of payments would be positive for the next three years.