Shift in demand for ‘exotic’ minerals resources could provide opportunities for Papua New Guinea

A shift in the resources industry is expected, with demand for more ‘exotic’ minerals increasing. But Justin Smirk, Senior Economist at Westpac Institutional Bank tells Business Advantage PNG that industry players must apply a long-term approach to reap the benefits.

Demand for minerals, including lithium, cobalt and nickel used to develop batteries, electric cars and other electronics, is likely to grow, says Westpac’s Justin Smirk.He describes the change as an evolution rather than an unexpected surge.

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Local knowledge and ‘being there’ critical for business success in the Pacific region

Ian Tarutia, CEO of NASFUND, agreed that the Melanesian cultures are aligned. He outlined three regional tourism investments with super fund colleagues in Solomon Islands (Heritage Hotel, Honiara), Fiji (Grand Pacific Hotel, Suva) and Samoa (the Taumeasina Island Resort).

‘We enjoy a relationship with our structured fellow funds in Solomons, Fiji and Samoa. The learnings are that if there is institutional support, and if there is government support, for investment, especially large scale, then things can happen.’

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Papua New Guinea’s 2018 Budget signals a shift away from dependence on the resources sector

The Papua New Guinea Treasurer has handed down the countrys’ 2018 National Budget. It indicates that the government is looking to focus more on the non-mining sectors of the economy, and shore up revenues.

Presenting his first National Budget, the Treasurer Charles Abel announced that the projected income, including grants, would be K12.73 billion and expenses would be K14.71 billion, leaving a shortfall of K1.99 billion. The budget deficit for 2018 is estimated at 2.5 per cent of GDP.

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