Papua New Guinea Travel Guide - Business

• GDP: US$4.2 billion (2006).
• Main exports: Gold, petroleum, copper, palm oil and logs.
• Main imports: Machinery and transport equipment, food and fuels.
• Main trade partners: Australia, Singapore, Japan, China and USA.

Although Papua New Guinea has been described as ‘a mountain of gold floating on a sea of oil', it is a poor country and most of the population is engaged in subsistence agriculture. However, it boasts the largest-known supply of low-grade copper, which accounts for much of its export earnings. Other deposits include gold, chromite, oil and natural gas.

Light industry has grown steadily, mostly to meet consumer demands. Papua New Guinea's attempts to develop a tourist industry have been undermined by poor infrastructure and past political instability. The country is also subject to extreme weather and natural phenomena, including drought, flooding and earthquakes.

The government has recently stabilised the economy, which grew 3.7% in 2006, with inflation at 2.9%. In May 2007 a law was passed allowing casinos and online gambling, which is expected to boost the economy.

Papua New Guinea belongs to the Asian Development Bank and the South Pacific Commission. It is still dependent on large amounts of aid from Australia.

Business affairs tend to be conducted in a very informal fashion. A conventional suit will not be required – shirt and tie are sufficient.

Office hours: Mon-Fri 0800-1630 or 1700.

Government office hours: Mon-Fri 0800-1600.

Some hotels provide facilities.

Papua New Guinea Chamber of Commerce and Industry
PO Box 1621, Port Moresby, Papua New Guinea
Tel: 321 3057.
Website: www.pngcci.org.pg

Investment Promotion Authority
PO Box 5053, Port Moresby, Papua New Guinea
Tel: 321 7311.
Website: www.ipa.gov.pg