Pawson sees potential amid business challenges

Business

By SHIRLEY MAULUDU
KINA Bank chief executive Greg Pawson, pictured, has described doing business in the country as “frustrating”.
But he said there was a lot of potential as well.
Pawson told a business breakfast meeting in Port Moresby on Wednesday which Prime Minister Peter O’Neill addressed that a reliable power supply was important to businesses.
“There is a lot of potential (to move into rural areas with services in terms of technology),” he asid.
“Prior to being based here in PNG permanently, I’ve heard a lot of talk about how Papua New Guinea needs technology in running a business here.
“And I have to say, having being here for about two to three months, it is frustrating.
“There is quite some amazing technology that we are working on at the moment, I would say are world leading.
“But what’s holding us back is the unreliability of electricity for start.
“It is a significant issue for us. It is a business impediment. And that makes it very, very difficult for us to progress.
“We can do some pretty amazing things.
“What’s holding us back is the unreliability of power and telecommunications broadly.”
Pawson said Government did not need to provide all the basic services to ensure businesses progressed.
“The Government doesn’t have to fund it. There are a lot of foreign investors who will willingly come to Papua New Guinea,” he said.
On the outlook for 2018, Pawson said the past 12 months was “a period of low and relatively flat activity”.
“We anticipate this will continue into 2018,” he said.
“The currency has been relatively stable and while the import backlog is still a significant struggling issue before us, inflation has been kept relatively intact at 5.9 per cent.
“However, it still remains a struggle for the economy.”