A timely and apposite treatise on Papua New Guinea’s economic environment, this book explores business organizations law and various aspects of commercial law in Papua New Guinea in a readable and informative style. Business and commerce is the twin engine that propels the economy of a modern nation. They ensure steady economic growth and development. In an age of globalization, they assume even greater importance than at any other time in human history. A nation risks being marginalized or left behind in the race for a share of the world economic market unless it ensures the stability of its business and commercial sector. Trade regulation, good governance and democratic institutions go hand in hand in guaranteeing political and social equilibrium. As such the laws designed to facilitate trade and commerce are a vital component of the political and social equation. This is a valuable book for law students, legal practitioners, accountants and business executives, not only within Papua New Guinea, but also in Australia and throughout the South Pacific.

Business in Papua New Guinea for Everyone: Practical Information and Contacts for Success

Business and commerce is the twin engine that propels the economy of a modern nation. They ensure steady economic growth and development. In an age of globalization, they assume even greater importance than at any other time in human history. A nation risks being marginalized or left behind in the race for a share of the world economic market unless it ensures the stability of its business and commercial sector. Trade regulation, good governance and democratic institutions go hand in hand in guaranteeing political and social equilibrium. As such the laws designed to facilitate trade and commerce are a vital component of the political and social equation.

Contains information about the key sectors in Papua New Guinea (PNG), such as LNG and agriculture, as well as investment opportunities and interviews of important politicians and businesspeople.

Papua New Guinea is poised for change, as the country’s mineral riches are providing a major opportunity for economic development through the exploitation of natural resources. The government’s five-year strategic plan focuses on key development enablers such as free education, improvements to health services, the strengthening of law and order, rural development projects and infrastructure construction. Inward investment has increasingly been driven by the extractive sector, including oil and gas, whose share of the country’s total investment stock rose from 71% to 87% between 2004 and 2012. Statistics from the Investment Promotion Authority reveal that the largest share of new foreign direct investment in 2013, some 24.6%, targeted the construction sector, outpacing that in financial services, manufacturing and mining, which accounted for 19.8%, 18.1% and 10.9%, respectively. While minerals and hydrocarbons dominate exports, around 85% of the country’s population is employed in the agriculture sector. The start of liquefied natural gas exports in 2014 is expected to return the current account to a surplus in 2015, forecast as high as 12.1% of GDP before returning to 9.1% the following year. While the outlook for state revenues remains strong in the medium term, ensuring the sustainability of further spending increases will be key to preserving macroeconomic stability.

Papua New Guinea is poised for change, as the country’s mineral riches are providing a major opportunity for economic development through the exploitation of natural

In Papua New Guinea hopes are high that real change is on its way; the country’s political, administrative, financial and technical leaders now have to find a way to ensure the most productive distribution and use of financial resources. Many international actors are watching closely to see how this young country negotiates its path. Papua New Guinea became a major exporter of gas in 2014 when the $19bn PNG liquefied natural gas (LNG) project was completed ahead of schedule and within budget, significantly increasing the size and strength of the economy. The year ahead is likely to see PNG benefit from the further development of its hydrocarbons sector, fuelling the growth of its economy as a whole. The LNG influx also poses challenges, however, in terms of ensuring inclusive growth and productive use of the new revenues. PNG takes pride in being a final frontier of natural and cultural development, but the task ahead is to protect the country’s heritage while becoming part of the global economy.