Low prices a worry
The National, Monday December 14th, 2015
By Eric Balaria
THE low commodity price environment may have an impact on investment in the country, according to United States Ambassador to Papua New Guinea Walter North.
He said the uncertainty of the duration of the low commodity prices globally was creating doubt among investors.
North was responding to the impact of low prices against US-PNG trade and investment.
“A lot of people in the extractive industries globally are considering their capital expenditures and their investments. So that’s a risk for a country like Papua New Guinea,” he said.
“The underlying assets here I think are world-class and generally recognised and people want to invest.
“The Asian Development Bank and the World Bank expect a recovery on those prices before the end of 2016.
“Every time they look at it, these dates keep pushed a little further so that means people are being uneasy. And I’m afraid that could mean that they won’t invest here.”