Confidence in economic recovery

Business

PAPUA New Guinea (PNG)’s economy will pick up with the commissioning of natural resource projects, Teachers Savings and Loans Society (Tisa) chief executive officer Michael Koisen says.
“The projects will create spin-offs leading to growths in medium to small enterprises, particularly in the provinces and rural areas,” he said.
“We are also preparing to help the locals to participate in the economic activities.”
Koisen said Tisa was quite confident and positive on the economic outlook post Coronavirus (Covid-19) pandemic.
“The Papua LNG, P’Nyang and other projects will trigger significant economic spin-offs,” he said.
“We are looking at 2024 to 2025 for the projects to kick off, followed by production and the economic activities will happen in the communities.”
Port Moresby Chamber of Commerce and Industry president Rio Fiocco had told The National last week that getting major resource projects off the ground must be a main priority for the incoming Government after general election this year.
“These projects will bring in much needed foreign exchange and contribute to the overall economy of the country,” he added.
He said the spin-offs from these projects would not only benefit big businesses but also small micro enterprises and medium to small micro enterprises.