Businesses remain hopeful

ALL businesses are looking forward to the economy picking up, according to an official.
PNG Ports Corporation Ltd (PNGPCL) managing director Fego Kiniafa said its business was largely dictated by the decisions of importers and exporters and the availability of foreign exchange to allow trading to happen.
“PNGPCL is hopeful that the economy registers a positive growth and we are ready to facilitate that growth through our network of ports,” he said.
“All businesses are looking forward to the economy picking up as businesses adjust and learn to adopt and operate within the confines of the Covid-19 pandemic restrictions.”
Kinifa declined to disclose the company’s annual turnover.
“In terms of the annual turnover, that is a confidential matter that can only be released with appropriate approval from the board and shareholders,” he said.
Business experts said that the economy was contracting.
Experts on the economy around the country had been stressing to the Government, in the past year, to approve one of the multi-billion kina projects such as the Papua LNG or the Wafi-Golpu projects to spark an economic revival.
It has also been suggested that reopening the Porgera gold mine in Enga would help the foreign exchange situation and the national economy in general.
Kiniafa said last year, the revenue from Motukea, Lae and Kimbe were enough to support the other 12 ports.