DOMESTIC mining, natural resources and agriculture sectors are leading growth and development across several key industries in Papua New Guinea.
However, there is a need for PNG to look to the future and carry out appropriate economic strategies to take advantage of growth opportunities which present themselves in the economic recovery process, according to Syd Yates, chief executive officer of Kina Securities.
“Last year was an exciting yet challenging time for the country as the ongoing impacts resulting from the global financial crisis (GFC) continued to emerge,” he said in the Kina Communiqué, the first for this year.
From an organisational perspective, the team at Kina Securities remains committed to helping improve the financial services available to the people of PNG, Mr Yates said, adding that “we will continue to move forward to meet new challenges and take advantage of new opportunities as they arise”.
He said there is no doubt the New Year will bring many challenges for the entire nation and its people.
“However, 2010 also represents an invaluable opportunity for PNG to consolidate its recent economic performances and confirm itself as one of the key financial contributors of the South Pacific region,” Mr Yates said.
Despite operating against the turbulent backdrop, he said it was important to note that PNG economy has continued to perform strongly and has remained relatively insulated from the large-scale fallouts of GFC.
Mr Yates said the final investment decision reached by PNG liquefied natural gas (LNG) consortium was a testament to the economic stability within PNG.
“The ongoing success of this project will continue to deliver a resounding message to the global business community that PNG has the resources, capabilities and financial maturity to support major development projects,” he said.