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Port Moresby
October 27, 2021
News

Manufacturers Increase Investments

Manufacturers in PNG have usedthe recent economic boom inthe country, and confidence inthe current governmentoto increasetheir investments.

 

This was revealed bythe Manufacturers Council oPNG recently.

ThougPNG has a high cost economy,the investment risks are taken withthe confidence inthe current government. 

 

Chey Scoverll ofthe Manufacturers Council oPNG’saysthere are great investment opportunities for its members, butthere are also risks.

 

“One ofthe issues is thatobecause it’s a very high cost environmentoit’s very hard to attract new investments or to expand current investments,” said Scoverll.

“Some manufacturers have made significant investments in this last couple of years based onthe confidence inthe new government andtheir commitment to addressing some ofthe driving this high costing businesses,” he said.
 

It was also mentioned that importing products that can be sourced within PNG was discouraging for local producers.

 

Mr. Scoverll saidthere is need to relook policies guidingthe import of agricultural products that can be produced inthe country.

 

“It’s ridiculous that we have people importing eggs, bottle water, chicken, garden and fresh produce when we can source it in Papua New Guinea” Scoverll said.
 

Transport infrastructure is also anther issue that needs collective effort fromthe three levels of government to address.

“We also need to understand that when we talk about developing Papua New Guinea we need to speak beyond Port Moresby, Lae and ther provincial centres…we need to get businesses and developments throughouPNG,” said Scoverll.

“With transport infrastructure; we talk about road networks, ports and wharfs, and airstrips. So, in each of those,they all need to be addressed. We need to look at areas that will provide maximum gain,” he said.

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