PNG economic review out

By MALUM NALU
OXFORD Business Group (OBG) yesterday launched its inaugural annual economic review The Report: Papua New Guinea 2012 at the Crowne Plaza in Port Moresby.
National Planning and Monitoring Minister, Charles Abel launched the 220-page report, the most-comprehensive and accurate economic study on PNG available to investors, in front of diplomats, CEOs and managing directors of various companies, senior public servants, and others.
It contains detailed information on PNG, economy, banking, capital markets, insurance, energy, mining, telecommunication and IT, industry and manufacturing, transport, construction and real estate, agriculture and plantations, tourism, education, tax, legal framework, and a general guide,
It was published by OBG in conjunction with PNG Investment Promotion Authority (IPA).
OBG chairman Michael Benson-Colpi said his group sought to offer careful, in-depth analysis and balanced assessment while alerting readers to investment opportunities available in PNG.
“We believe this 220-page report will now be the most-comprehensive and accurate study currently available to foreign investors,” he said.
“And in addition to our annual report, we produce online economic updates that reach subscribers the world over.
“Our annual country reports have growing audiences in universities, government and diplomatic circles.
“But our central audience is international business.
“This community of corporations, investors, professional advisers and consultants, travelling decision-makers, like the way we work: that we always go to the source.”
Benson-Colpi said the report, the combined effort of many people, was a marketing tool to be used.
“Our testament to the international trade and investment community, this report tells them Oxford Business Group has been to PNG,” he said.
“Foreign businessmen and investors, read this report, take note of our example, look to PNG.”
IPA managing director Ivan Pomaleu said the report came at an exciting time in PNG’s history.
“Interest to invest in this country is very high,” he said.
“Records speak of renewed interests in the retail, manufacturing, services and financial sectors.
“These increasing interests come at the back of a vote-of-confidence by major global players in the natural resources sector, particularly in the oil, gas and the mineral sector.
“It is important that we continue to encourage investment in these important sectors because of the need to sustain development over and beyond the resource boom we are currently experiencing.”
Pomaleu said investors needed the right information, based on proper analysis and research, and also packaged in a format that carried a global perspective.
“This information must make sense to a global audience, conveyed through a global mechanism,” he said.
“It is for this reason that we have embarked on this collaborative project with the OBG.
“Working in partnership with the OBG ensures providing up-to-date investment-related and country information to our stakeholders.”