PNG on verge of a boom

Business, Normal

PAPUA New Guinea has a healthy economy, and with the two liquefied natural gas (LNG) projects the country, is heading for an unprecedented boom, according to an executive of ANZ Bank.
Alex Thursby, ANZ’s chief executive officer for Asia Pacific, Europe and America said that last year alone, PNG contributed 19% to the bank’s regional results.
Mr Thursby was part of a high-profile ANZ delegation that travelled the region last week on their ANZ Pacific roadshow, which included a visited to Madang province.
He said the group’s visit to Madang showed ANZ’s commitment to its customers’ growth.
Managing director for ANZ PNG and chief executive for North West Pacific Vishnu Mohan welcomed the delegation at the Madang Resort Hotel.
The group included Michael Rowland, chief executive officer (CEO) Pacific; Nancy Wong, general manager strategy and marketing APE&A; Neil Lambert, head of strategy and marketing; Wendy Lim, managing director consumer banking Asia Pacific; Alison Larson, chief of staff Asia Pacific; Jon Farquharson, head of risk; Kerrie Harris, head of human resource Pacific and Louise de Gannes, executive assistant to CEO Pacific.
Mr Thursby has assured customers that Mr Mohan would visit Madang and other branches more regularly to continue this commitment to foster relations for mutual growth.
He described Madang as one of PNG’s gems with shorelines that would no doubt attract foreign investment, particularly from Asia, in the tourism industry.
Madang is one of PNG’s most tourism-oriented provinces.
With a population of close to 400,000, the province is said to be a miniature PNG with coastal people, islanders, mountain people and river dwellers. 
It has many of the country’s highest peaks and active volcanoes, with a land mass totalling 29,000sqm and has four large and many smaller islands.
The province is PNG’s third largest producer of cocoa and copra and the second producer of cattle.
It also holds the largest Sino-Australian nickel and cobalt project worth US$1.7 billion (K4.6 billion).
 Madang also has Ramu Sugar and Jant/Gogol woodchip mill which are amongst PNG’s largest employers.
The ANZ Bank team was also met by up to 30 guests including Madang Governor Sir Arnold Amet.