PNG Products
Few countries are as blessed with natural resources as Papua New Guinea.
Its largely mountainous terrain is swathed in dense tropical rainforest, the soil is rich for cultivation and the South Pacific waters off its coasts teem with fish.
Beneath the ground lies a wealth of minerals, including gold, silver and copper, and there is oil and natural gas.
It is a beautiful country too, one of the most biodiverse in the world with a dazzling variety of flora and fauna, insect and birdlife.
Yet while PNG is resource rich, it is cash poor, and 34 years after achieving independence from Australia – not very long in the life of a country – it still faces significant challenges of nationhood.
Poor transport infrastructure, law and order problems and a shortage of new investment are among the factors that have held back economic development.
New incentives must be aimed at triggering investment and growth including producing and marketing more PNG Made products.
Currently, Papua New Guinea imports almost all processed food, clothing and footwear and most of the inputs to industry and commerce are also imported.
However, there are potential investment opportunities in downstream activities.
The Government of Papua New Guinea has put into place strong policies which will lead to the development of a strong domestic production base to replace reliance on the non-renewable resource industries such as mining and petroleum.
The Government seeks to generate greater domestic production of most basic consumer and industry needs.
As such, incentives and concessions are granted to businesses with a policy of import substitution.
A concerted effort is being applied to address problems the industry has experienced. Infrastructure improvements and lowering of input tariffs would greatly reduce production costs.
The manufacturing industry has been urged to adopt cost-reducing, efficient techniques on the factory floor and within management to prepare itself for foreign competition when protective tariffs are phased out.
The Manufacturers Council of Papua New Guinea (a private sector organisation) promotes the manufacturing and downstream processing in Papua New Guinea.