Discover a different side of Papua New Guinea

Thousands of years in the making, the culture of Papua New Guinea is unique and untouched. Home to some of the most interesting tribal cultures in the world, Papua New Guinea is an area filled with diversity. Some people would say it is quite similar to Australia, especially since they share a similar history; however, it has all of the lush forests and mountains that Australia doesn’t have. Papua New Guineas enormous and largely untapped natural resources offer excellent investment opportunities.

Lying just south of the equator, Papua New Guinea (PNG) is part of a great arc of mountains stretching from Asia, through Indonesia and into the South Pacific.

 Papua New Guinea occupies the eastern part of the world’s second largest island and is prey to volcanic activity, earthquakes and tidal waves. Linguistically, it is the world’s most diverse country, with more than 700 native tongues.

Some 80% of Papua New Guinea’s people live in rural areas with few or no facilities of modern life. Many tribes in the isolated mountainous interior have little contact with one another, let alone with the outside world, and live within a non-monetarised economy dependent on subsistence agriculture.

A very small proportion of the land can sustain cash crops, including coffee and cocoa. Abundant rainforests provide the raw material for a logging industry, which is dominated by Malaysian-owned companies.

Mineral deposits – including gold, copper and nickel – are extensive, but the difficult terrain and poor infrastructure make exploitation slow. There are significant reserves of oil and natural gas and the country has pinned its hopes on becoming a significant energy exporter.

Papua New Guinea has strong ties with its southern neighbor, Australia, which administered the territory until independence in 1975. Canberra’s substantial aid programme aims to relieve poverty and to boost development.

Australia has also dispatched police officers and civil servants to support their local equivalents.

Papua New Guinea is full of interesting attractions, magnificent natural scenery, and diverse Papua New Guinea’s tourism industry is young and fast developing with endless potential. The country provides unbeatable outdoor experiences for travelers with special interest. A trip to their mountains will help you discover their unique flora and fauna, as well as the tribal culture of painted and masked men.

The culture of the people of Papua New Guinea attracts collectors, photographers, and artists. Culture is kept alive in the traditional rituals of deaths, feasts, marriages, compensation ceremonies and initiation rites that are conducted in one of the more than 700 languages that linguists have documented. Visitors to regional areas, especially the highlands regions, can see a wide variety of traditions in village construction, speech and dress.

The vast areas of tropical rainforest provide perfect habitats for a wide variety of bird life. Of the 43 known species of birds of paradise, 38 are found in Papua New Guinea. The rugged mountain terrain offers trekkers, climbers and caving enthusiasts’ wonderful opportunities for adventure. The country’s massive river system provides many location choices for canoeists, kayakers and fishing enthusiasts.

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Why Invest in Papua New Guinea

• Abundant Natural Resources

Papua New Guinea is rich with natural resource. Its economy is distinctively dualistic – a modern economy based on mining (gold, silver, copper, Nickel) and petroleum and natural gas production, and a traditional economy based on fishing, forestry, coffee, palm oil, copra, cocoa and vanilla which provides livelihood for 85% of the rural population. With such abundance of resources, Papua New Guinea is among the top of the world’s investment destination.

• Strong Economic Growth

In 2010 Papua New Guinea realized a real GDP growth of 7.1% which substantially is above world’s average growth rate of 4%. Papua New Guinea’s economy has experienced a steady growth since 2003 which was attributed to an environment of political stability unprecedented since independence in 1975.It has enjoyed this strong economic growth benefiting from half a decade of favorable global economic conditions with strong and sustained world growth.

• Liberal Investment Environment

PNG aspires for an investment regime that is transparent and compatible with international best practice which is conducive for Foreign Investment. It promotes a liberal investment environment, which welcomes Foreign Investment in any sector. Papua New Guinea is continuously embarking on creating a conducive environment by undertaking major reforms. The current investment condition is also comparable as any conducive investment environment in the world.

• Investment Incentives

Investors willing to explore business opportunities in Papua New Guinea have available to them numerous incentives to assist in their investment decision-making. The government has a range of direct and indirect taxation based incentives for large and small proposals. The international treaties, agreements and pacts which give Papua New Guinea manufactured goods preferential access to various export markets, including duty free and reduced tariff entry to some of the largest markets in the world, for example the European Union (EU) under the Cotonou Agreement. The labour market has been deregulated, offering employers and employees the opportunity to ensure productivity and wages remain in step with one another.

• Investment Protection and Guarantees

Foreign investment in Papua New Guinea is facilitated, regulated and monitored by the Investment Promotion Act.

• Investment Promotion Act

Section 37 of the Act guarantees that the property of a foreign investor shall not be nationalized or expropriated except in accordance with law, for a public purpose defined by law and in payment of compensation as defined by law.

• Multilateral Investment Guarantee Agency

The Multilateral Investment Guarantee Agency’s (MIGA) principle responsibility is promotion of investment for economic development in member countries through:

* Guarantees to foreign investors against losses caused by non-commercial risks; and

* Advisory and consultative services to member countries to assist them in creating a responsive investment climate and information base to guide and encourage flow of capital.

 

• APEC and WTO

Papua New Guinea is a member of the Asia-Pacific Economic Cooperation (APEC) and the World Trade Organisation (WTO), and therefore party to a number of agreements and understandings. A lot of these matters relate to trade and investment liberalisation.

 

• International Centre for Settlement of Investment Disputes

Section 39 of the Act seeks to encourage greater flows of international investment by providing facilities for the conciliation and arbitration of disputes between government and foreign investors.

 

• Other Agreements

Separate investment protection agreements have been entered into with several individual countries, notably Australia and Malaysia. The Department of Foreign Affairs has more information on bilateral and multilateral agreements which Papua New Guinea has entered into.

 

Fact 1: The Island of New Guinea is named after the African country with the same name.

Fact 2: Papua New Guinea and Indonesia share the island of New Guinea which is one of the world’s largest islands.

Fact 3: It is one of the very few places on earth which lie close to the equator where places at higher altitudes experience snowfall.

Fact 4: The world’s only known poisonous bird, the Hooded Pitohui (Pitohui dichrous) is native to Papua New Guinea.

Fact 5: The country holds ceremonies where hundreds of valuables or pigs are distributed to all the guests.

Fact 6: It gained independence from Australia on 16 September 1975

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