Businesses view 2016 as a tough year

LAST year was “very tough” for businesses compared to previous years, according to Business Council of PNG president David Toua.
Toua said reasons ranged from lower commodity prices to foreign currency challenges.
“After several years of unprecedented growth leading into 2016, last year was a very tough year for business,” he said.
“Shrinking to fit became a priority for many in order to remain viable. Coupled with the tough economic environment was the uncertainty generated by several proposed pieces of legislation and policy such as the proposed changes to the Mining and MRA (Mineral Resources Authority) Acts, amendments to the Lands Act and the SME policy.
“While recognising positive intent within the proposals, the private sector was quick to recognise the unintended consequences.
“It sought the opportunity to dialogue with Government and the bureaucracy in what seemed to be the outcomes that would bring out certainty, encourage investments and foster growth that benefits the Government, business and the people.”