Enriched by abundant natural resources, regional economic engagement, and new reforms, Papua New Guinea's (PNG) tiger economy is now the third largest in Oceania. PNG's government recently introduced new economic zones with concessions and tax reliefs in key areas across the country and, under 'Vision 2050,' aims to mobilise the country's increasingly urbanised middle-class and dynamic business community.
PNG's strengths in construction and infrastructure play an integral role in its economic prosperity, fuelled by resource-related projects like the USD 19 billion PNG LNG project operated by ExxonMobil. Looking ahead, the International Trade Administration (ITA) estimates future resource projects could inject billions of dollars into PNG's economy over the next two decades.
This story is from the October 13, 2023 edition of Newsweek Europe.
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This story is from the October 13, 2023 edition of Newsweek Europe.
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