‘Extractive industry helps drive revenue’

PNG Manufacturers Council chief executive officer Chey Scovell says the extractive industry has been one of the major drivers of the economy with its revenue contributions.
He said although some agriculture commodity prices, such as vanilla, were high, the country continued to be a small player in that market.
Scovell highlighted that there was high cash flow in the vanilla regions but the country seemed to miss out on the foreign exchange earned by the small number of exporters.
“Extractives, extractives and extractives continue to lead the way in paying, albeit that some agriculture commodity prices have been high, we continue to be a very small player,” he said.
“One exception is vanilla – its prices are sky high and we’re number a number one or two exporter in the world.
“In my sector, low cost food manufacturers have continued to benefit from the change in consumer spending.”