ICT firm hopeful FX situation will improve

By PETER ESILA
A SENIOR manager at an ICT (informational and communications technology) company is hopeful 2024 will see some easing of the foreign exchange (FX) issues businesses in the country are facing.
Able Computing general sales manager Jason Bacang said the ICT sector like other industries that acquired their supplies from overseas relied on the availability of US dollars to make purchases.
“For an ICT company, all our supplies are from overseas, it is really hard getting access to US dollars,” he said.
“With the outlook for this year, with some of the resource projects coming in (Porgera, Wafi-Golpu, Papua LNG), foreign exchange or US dollar allocations will be more available for business houses, because most of our products, not just for Able Computing, are all imported.
“For ICT (sector), there are usually supplies from overseas, and if you do not have US dollar confirmation from the banks, even if you have kina in your account, it is really hard for you to import.
“So in that sense, hopefully in 2024, there will be better allocation for FX for all business houses.
“You have the opportunity to sell, but where is your stock if you cannot import?
“That is the main thing, I know for some of the business houses that is going to be the same problem, you have your client base needing your product, but how can you give it to them if you are not able to access FX?” Bacang said with developments that the Government was initiating in the resource sector, there was growing optimism for 2024 and that positive outlook would improve their situation.
“But one major thing is you have to provide everyone with a fair share of the FX for our imports, it will help us a lot,” he said.
Meanwhile, many businesses continue to raise the issue on FX availability. They said it has been the same since 2014.