Papua New Guinea- Business Opportunities
The High Commissioner of Papua New Guine, H.E. Paulias Korni, OBE has accepted the Honorary Membership of Global India Business Forum, in the presence of Global President Dr. Jitendra Joshi and Director Global Operations Mrs. Deepali Gadkari explained activities of GIBF to support MSME sector globally. Realizing the strengths of Global India Business Forum and the Consulate of Papua New Guinea and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
About Papua New Guinea
Papua New Guinea is officially the Independent State of Papua New Guinea is a country in Oceania that occupies the eastern half of the island of New Guinea and its offshore islands in Melanesia, a region of the south western Pacific Ocean north of Australia. Its capital, located along its south eastern coast, is Port Moresby. Papua New Guinea is richly endowed with natural resources, including mineral and renewable resources, such as forests, marine (including a large portion of the world's major tuna stocks), and in some parts agriculture. The rugged terrain—including high mountain ranges and valleys, swamps and islands—and high cost of developing infrastructure, combined with other factors (including law and order problems in some centres and the system of customary land title) makes it difficult for outside developers. Local developers are handicapped by years of deficient investment in education, health, and access to finance. Agriculture, for subsistence and cash crops, provides a livelihood for 85% of the population and continues to provide some 30% of GDP. Mineral deposits, including gold, oil, and copper accounts for 72% of export earnings
Business Opportunities in Papua New Guinea
Papua New Guinea is notably one of the most culturally diverse countries in the world today; close to 900 languages are credited to the country, of which 12 no longer have known living speakers.A sizable proportion of the population of over 7 million inhabitants resides in customary communities, which bear as much diversity as the languages. It is also high on the rural index, as only about 18 percent of its people reside in urban areas.The following business ideas can be pursued by the savvy entrepreneur in Papa New Guinea:Hotel, Beach Bars & Resorts Papa New Guinea boasts captivating beaches and extensive shorelines, which have the potential to attract thousands of tourists every year to its borders, thereby bringing in needed foreign exchange. The business idea of establishing hotels, resorts, along with the provision of travel and sightseeing tours, to accommodate this influx of people will serve the entrepreneur in good stead.Export Processing FirmPapa New Guinea boasts an array of renewable and non-renewable natural resources that include extensive copper deposits, gold deposits, and oil, which fall under the non-renewable resources. The business idea that can emanate from the presence of these minerals will look in the direction of setting up a processing/manufacturing plant with the capacity to turn these raw materials into processed or semi-processed forms for the export market.Agriculture, according to conservative estimates, employs close to 85% of Papa New Guineans and it also contributes to over 30 percent of the GDP of the national economy.The main crops fuelling these statistics are oil palm, rubber, coconut, cocoa, and tea.ICTPapa New Guinea is seeking to diversify its economy and find multiple streams of national income, to guard against the shocks that can arise from a fall in the prices of commodities.A veritable medium through which this can be achieved is through the setting up of a viable Information and Communication Technology sector.Healthcare ServicesThe World Health Organization rates Papa New Guinea as having one of the highest incidences of HIV/AIDS in the world, as well as possessing high rates of maternal and infant mortality rates in the world.The business idea that be starts from these conditions will centre on the provision of health and medical care services to a generality of the population, who lack access to basic medical care.
Exports and Imports in Papua New Guinea
Imports in Papua New Guinea decreased to 2136 PGK Million in the third quarter of 2020 from 2361 PGK Million in the second quarter of 2020. Papua New Guinea mainly imports fuel, rice, vehicles, heavy machinery, meat, iron and steel, and tires. Papua New Guinea's main imports partners are Australia, the United States, Singapore, China, Japan, New Zealand, Malaysia, Hong Kong and Indonesia
Top Exports of Papua New Guinea
Exports in Papua New Guinea decreased to 7035 PGK Million in the third quarter of 2020 from 7264 PGK Million in the second quarter of 2020.Commodities account for over 90 percent of Papua New Guinea's exports. Papua New Guinea mainly exports gold, oil, copper, coffee, cocoa, vegetable oils, fish and wood. Papua New Guinea's main exports partners are Australia, Japan, the Netherlands, Germany, China, South Korea, Philippines, Spain, the United Kingdom and the United States.
Top Imports of Papua New Guinea
Papua New Guinea mainly imports fuel, rice, vehicles, heavy machinery, meat, iron and steel, and tires. Papua New Guinea's main imports partners are Australia, the United States, Singapore, China, Japan, New Zealand, Malaysia, Hong Kong and Indonesia..