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Wednesday, September 10, 2014

Embarking on initiatives to improve forestry

Source: The National, Wednesday September 10th, 2014
THE Forest Ministry is embarking on new initiatives to improve the industry including the equal participation of resource owners at the decision making level. “A review of the Forestry Act 1991 and the accompanying regulations to further strengthen the forestry laws and consolidate the various amendments to the legislations to date and to allow for better representation of the forest resource owners on the National Forest Board,” Minister Douglas Tomuriesa said in Parliament last week. “A review of all logging and marketing agreements to ensure that all project developers honour their obligations to the resource owners and the State,” he said. Tomuriesa said he planned to establish an association that was equivalent to the Forest Industry Association to represent the forest resource owners’ interests throughout the country. He added that a mechanism would be created to counter transfer pricing in the industry. “Despite being outlawed by the Forest Act, there is anecdotal evidence that transfer pricing is rife in the forest industry in PNG. We do not know whether we are taxing the industry enough,” he said. “An option open to the Government is to establish a state marketing agency to guard against the practice of transfer pricing in the industry.”

Telling stories of and for Melanesian women: an interview with Amanda Donigi

Telling stories of and for Melanesian women: an interview with Amanda Donigi

Thursday, September 4, 2014

M’sia tops investment

Source: The National, Thursday September 4th, 2014 Foreign direct investment by Malaysian companies in Papua New Guinea is said to be one of the biggest compared to investments from other countries. Last year, its total trade in PNG amounted to US$651.7 million (K1.58 billion). The country is rich with agriculture and natural resources products and Malaysia sourced mainly these products from PNG. Information from the Investment Promotion Authority shows investments by Malaysian firms are in all three sectors of the economy. In the primary sector, 69 companies are involved in forestry, 15 in agriculture, six in mining and petroleum and one in fisheries. In the secondary sector, 16 are in business management and consultancy services, 10 in the manufacturing industry. In tertiary sector, 51 are in wholesale and retail businesses, 44 in real estate, 29 in construction work, 12 in transport services and 11 in financing services. According to the Malaysian diplomatic office, its investment in PNG is among the highest in terms of value. Last year, proposed investment recorded at K6.3 billion mainly concentrated in wholesale and retail, financial intermediation, forestry, manufacturing and agriculture. The IPA has certified a total of 650 Malaysian enterprises to conduct business since 1999 with estimated 40,000 jobs created for local at various levels.
Rimbunan Hijau a major investor in Papua New Guinea in logging and other diversified businesses.