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PRESIDENTS REPORT - AUGUST

 

 

A delegation of six Chamber members has returned from Port Moresby after meeting with local businesses.   Members from the hospitality, construction, fabrication, surveying, electrical, and professional service sectors accompanied me on a fact finding visit to PNG in early August.

The purpose of the trip was for participating members to meet with prospective partners.  It was also an opportunity for them to understand in greater details what it takes to do business in PNG. 

Members received information on the local business climate. High commodity prices, favourable interest rates and relatively stable exchange rate have shielded the country from external pressures, including the GFC.  The local economy is in fairly good shape, the government is more stable than in previous times, and foreign investments will flow in for the next 30 years. As part of the presentations, members were familiarised with aspects of the local tax system, including income and personal taxes, as well as details on permits necessary to travel, establish a business in, and export to, PNG.

Members also were informed of the challenges when doing business in PNG. For example, growing inflation   and socio-economic disincentives like the cost of housing, high rates of crime, and lack of local skilled workforce, etc.

Most participants have committed to further investigate the possibilities of taking their business to PNG. 

The Chamber will return to Port Moresby from 14 to 16 September with a second delegation of local members.  Participants will again have a chance to meet with prospective partners.  In addition, the trip will have a ceremonial context with a Townsville City Council mayoral delegation joining the Chamber for a series of Sister City events during the Hiri Moale festival, a national celebration of PNG’s independence. 

During this visit, I will renew a five year MOU with the Port Moresby Chamber of Commerce and Industry on behalf of Townsville members.

If you would like to join the Chamber delegation to PNG next month, enquire with the Chamber’s office without delay.

I take this opportunity to acknowledge the efforts of the Port Moresby Chamber and Austrade in Townsville and Port Moresby in making those two visits possible.

John Carey

 

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