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Foreign vultures circling PNG

Staff Reporter | 8:15 AM | ||
Papua New Guinea: Progress in paradise
Business Reporter (Daily Telegraph UK)

With resources dwindling around the world, Papua New Guinea is a tempting location for would-be explorers. But getting the most out of the country is difficult.

The country’s mineral deposits are extensive, and include gold, nickel, silver and copper. It also has large amounts of oil and natural gas. But none of these resources are  easy to reach, and the country has poor infrastructure which slows down any work there.

Exploration is made harder by the Papua New Guinea terrain. A large amount of its resources can be found in the country’s highlands, which are difficult to navigate.

But progress has been made in recent years. In its profile of the country, the World Bank notes air transport and telecommunications markets have opened up, benefiting the population.

The World Bank also stresses that more needs to be done to diversify the economy, which is heavily reliant on natural resource exports, and to boost employment.

It points out the need to maintain law and order, make the country more business-friendly, commercialise state-owned enterprises and cut red tape. It also argues that the performance of the civil service could be improved. Papua New Guinea may be tempting for miners hungry for resources. But finding these takes work.