Doing business in PNG tough, Aitsi says


THE challenges of doing business in Papua New Guinea is becoming even greater, Newcrest country manager Peter Aitsi says.
Aitsi made the statement during a function last Thursday in Port Moresby.
“For those of us who have been doing business in PNG for a long time, we know that conditions are a bit tough at the moment, and doing business in PNG is not easy. And it requires significant level of commitment, significant level of funding that follows that commitment and a level of resilience and understanding of the level of environment that we operate in, both culturally and politically,” he said.
“PNG businesses throughout the country are reporting weak trading figures, and there has been a noticeable slowdown in the economy.
“The Treasury Department and the Bank of PNG in recent quarterly updates have revised the GDP growth from 4.3 for 2016 to under 2.2. So these are the signs that we need to respond to, that we need to think about.”