APNGBC NEWS : 29th Apr 2016

The One Hundred and Sixty Eighth APNGBC Executive Committee Meeting Summary

The One Hundred and Sixty Eighth APNGBC Executive Committee meeting took place in Melbourne on Thursday 21st April.

— By APNGBC

The One Hundred and Sixty Eighth APNGBC Executive Committee meeting took place in Melbourne on Thursday 21st April.

It was a productive meeting and well attended by representatives of the Australia Papua New Guinea Business Council, our thanks to Newcrest Mining Limited for hosting the meeting. The following covers key topics discussed and important items to note for Council members.

Welcome to new member companies;

• East New Britain Development Corporation Ltd
• Indo-Pacific Public Policy and Economics Pty Ltd
• Kevan Dacey & Associates
• National Airports Corporation
• Papua New Guinea University of Technology
• Remote Global Pty Ltd
• Savcor ART Pty Ltd

The committee received briefing on and discussed a range of topical business issues including:

  • Status of the sovereign bond which has been delayed due to lack of international market appetite for such instruments at this time.
  • Discussions are continuing on a possible IFC loan of 300M USD to relieve the economic situation
  • PNG’s recently published Trade and SME policies include some sensible initiatives, but certain areas also require further analysis
  • Whilst the OK Tedi Mine reopening is a positive, three major resource projects remain delayed (ExxonMobil, Total and Newcrest)
  • The moratorium on the imported fresh produce ban (originally in effect 3 months from 1st Jan, 2016) remains in place.
  • New biosecurity bill is soon to be introduced which could address some of the areas impacted by this ban.
  • The 24th Australia Papua New Guinea Ministerial Forum, Canberra, 2 and 3 March 2015.
  • PACER Plus negotiations are moving towards a conclusion around mid-year, although Papua New Guinea’s Trade Minister and the Prime Minister appear to have different views in that the Prime Minister agrees with decisions by Pacific Islands Forum Heads of Government (of which he is currently chair) to proceed with PACER Plus while the Trade Minister rejects PACER Plus.
  • The Mining Act debate is progressing in PNG and there are potentially big implications for Papua New Guinea should some of the proposed policies be introduced. The PNG Chamber of Mines is leading industry engagement with the Government highlighting potential impact.
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