The President of the Republic of Indonesia H.E Joko Widodo has made it clear that there is a need for a stronger economic cooperation with Papua New Guinea (PNG) to strengthen the economies of both countries going forward. PNG and Indonesia have had a good relationship since independence but not a strong relationship in the areas of trade and investment. President Widodo expressed that PNG is a close friend, as well as a strategic partner of Indonesia. “Therefore, Prime Minister Marape and I want this close relationship to be marked by economic cooperation, which is essential for both countries,” said President Widodo. He added that PNG and Indonesia are both economic giants, PNG in the pacific and Indonesia in the Southeast Asia. For that matter, trade and economic cooperation would have a big impact, not only for the two countries, but for the region. “For that, I will continue to push for discussions on the Indonesia and PNG potential trade agreement so that our economic cooperation can continue to grow.” For that matter, President Widodo said Indonesia stands ready to support the Connect PNG Program and other economic infrastructure programs. He also said the recent Citilink direct flight to Port Moresby marks the start of a stronger economic relationship. “I am confident that the closeness between Indonesia and Papua New Guinea will become stronger through concrete economic cooperation.” Meanwhile, Prime Minister James Marape extended his invitation to Indonesia to invest in the country’s Special Economic Zones in terms of oil palm projects and agriculture. He said Indonesia is a leader in downstream processing and for them tapping into PNG’s economic sector, will be a massive boost for the country.

H.E. Grand Chief Sir Bob Bofeng Dadae, GCL, GCMG, KStJ, Governor General of Papua New Guinea, today welcomed the President of Indonesia H.E. Joko Widodo who arrived in Port Moresby on a one-day State Visit today. This is the second State Visit by President Widodo to Papua New Guinea. Shortly after his arrival this morning, President Widodo called on the Governor General at Government House. President Widodo informed the Governor General that the purpose of his visit to PNG was to strengthen partnership between Indonesia and PNG that is based on the principles of mutual respect for sovereignty and territorial integrity. President Widodo said, among Indonesia’s diverse ethnic groups, there are 13-million Melanesians that make up the vast population of Indonesia. “They are an important asset to strengthen cooperation between Indonesia and the Pacific,” President Widodo said. President Widodo noted that Indonesia has been providing education scholarships to Papua New Guinean students and looks forward to mutual partnership agreements between the two countries to establish infrastructure developments such as roads and highways linking PNG and Indonesia. President Widodo made mention of the inaugural Citilink flight from Denpasar to Port Moresby last Sunday as a significant milestone for our two countries. President Widodo said, this is important for people to people contact connecting peoples of our two countries, and more importantly, provide PNG the opportunity to penetrate both the Indonesian and the Asian markets for economic benefit. President Widodo concluded the meeting with an invitation to the Governor General to visit Indonesia. The Governor General hosted a State Lunch in honour of the President’s visit at APEC Haus this afternoon. President Widodo departs Port Moresby this afternoon.

National airline, Air Niugini has selected and signed an agreement with Rolls Royce in the United Kingdom (UK) recently for its Trent 1000 engine for the airline’s recently ordered Boeing 787 Dreamliner. The Trent 1000 engine manufactured by Rolls Royce is renowned for its outstanding performance, efficiency, and low emission. Its advanced features include its enhanced fuel efficiency and improved maintenance program which enables the optimisation of operations and cost reduction, ensuring long term sustainability, profitability, and better value airfares. Air Niugini’s Acting Chief Executive Officer, Mr Gary Seddon said “By choosing the Trent 1000 engine for Air Niugini’s Boeing 787 order proves the airline’s commitment to operational efficiency, reliability and environment sustainability. “By signing the Rolls Royce Total Care agreement, Air Niugini also reinforces its commitment to investing in cutting-edge technologies that enhance operational capabilities and elevate the travel experience for our valued customers." “The airline’s decision and commitment are supported by the Minister for State Owned Enterprises, Hon William Duma. He said, “With the current unscheduled disruptions with Air Niugini’s aging fleet, the national airline is taking steps in the right direction to align itself with highly reputable suppliers, collaborating with global brands to endure the safe, competent operation of its fleet.” “This strategic selection aligns perfectly with Air Niugini’s vision to provide world class air travel services while minimising environment impact.” “By selecting Rolls Royce Trent engine for Boeing aircraft order, Air Niugini is showing a commendable example in the aviation industry.” “This partnership between Air Niugini and Rolls Royce highlights government’s focus on fostering strategic alliance that drive economic growth, environment stewardship and customer satisfaction.” “It also proves Air Niugini’s position as a leading provider of air travel services in the Pacific region.” “As we continue to expand our fleet and improve our operational efficiencies, Air Niugini remains dedicated to providing the highest standards of safety, reliability and customer satisfaction.”

Prime Minister (PM) James Marape and the President of the Republic of Indonesia H.E Joko Widodo have come together for a bilateral meeting to discuss matters of trade, investments, political aspirations, and people to people relations. PM Marape in his opening speech at the bilateral meeting welcomed the president, saying that Papua New Guinea (PNG) and Indonesia share a very close relationship since PNG's independence. Highlighting this relationship, Marape said this close tie was further strengthened by the closeness of the two countries in terms of land and sea border. "Papua New Guinea and Indonesia have been great partners since 1975 since we became independent. Not just partnership, our brotherhood, our sisterhood, our kinship over mountains, valleys and seas we live in," said Marape. The PM further said that he is looking forward to a great dialogue between him and the president, but more importantly, the dialogues between the teams of the two countries. An official joint press statement will be made by both leaders at the end of the bilateral meeting. Meanwhile, President Widodo arrived at approximately 10:45AM this morning at the APEC Terminal in Port Moresby where he was officially received by the PM and the military guard of honour. He then proceeded to the Government House to meet the Governor General before heading to the APEC Haus for the bilateral meeting.

The law and order situation in the capital city of Papua New Guinea (PNG), Port Moresby is a cause for concern for everyone and it’s high time that the authorities move to seriously address this matter right away. The Port Moresby Chamber of Commerce and Industry (POMCCI) President, Mr. Rio Fiocco, said incidents like what transpired this morning at Koki, is just one of many such incidents that occur in the city and its not only affecting the public, but the business community as well and with it, impacting the services that are provided by businesses to the public. “Our members are very concerned with what is happening and this morning at Koki with the shops there, it’s clearly a break down in law and order,” said the president. “It’s clear to all of us that we need more police posts in the city and they (Police officers) need to be better trained and quick to respond.” Mr. Fiocco went on to say that if such issues of great magnitude like riots and ethnic clashes are allowed to continue because police are unable to stop them, then business houses would stand to suffer in the long run. “Of course, if they (Businesses) are forced to shut because of law and order issues, then they will obviously cannot trade and do business and that means they’ll have to lay off employees.” “On a longer term basis, what it means is that the shoppers are reluctant to go to these shops to shop, nobody is going to go shop in those areas.” He said the incident at Koki this morning was unfortunate but if police has responded earlier with the proper facilities stop it, the situation would not have not gone out of hand and the public and shops in the area would not have been affected as well.

New Ireland Governor Sir Julius Chan is tired of the constant fake news of his death and mocked the rumors. In a media statement released today, Governor Sir Julius said he’d risen from the dead for the 100th time! He said he looked down from Heaven and saw the rumour mongers writing of his passing from the gates of Hell. Sir J added, hell might freeze over with the continuous attempts the rumour mongers keep making to declare him dead. Sir J was later enjoyed a resurrection dinner with Senior Executives of the New Ireland Government and members of the Chinese community on Sunday evening at the Grand New Ireland Government Official Residence. Today with renewed vigour Sir J will be welcoming the Chinese Ambassador to PNG HE Zeng Fanua to Kavieng this afternoon. The good ambassador will be in Kavieng to officiate at a presentation of 1224 Desks and Chairs to the schools of New Ireland. Sir J has further called on the rumour mongers to keep trying and be prepared to depart the earth. “Call me on my number, I’ll talk to you from the grave,” added Sir J.

Private companies and government departments have been invited to enter the Innovation PNG 2023 Awards to promote individuals or teams within their organization that have come up with innovations to ease day to day issues, or issues faced in the community. Business Advantage International Publishing Director Mr. Andrew Wilkins sent out the invitation on Thursday 29th June, when announcing the Innovation PNG 2023 Conference for November 10th. “This is an opportunity to really acknowledge and award those people who are doing cool stuff here in PNG, people actually here on the ground who are innovative,” he said. There will be categories, not just for big businesses and companies, but also for Small to Medium Enterprises (SMEs) as well, and also for the government. “So, everybody has the opportunity to be acknowledged.” Organizations in both the private and public sectors have been encouraged to enter the Innovation PNG 2023 Awards, of which the entry will formally open in September. Mr. Wilkins added that there are a lot of innovative ideas or innovations created by Papua New Guineas that deserve acknowledgement and recognition. This award is aimed at doing just that and therefore, organizations are encouraged to enter. The Innovation PNG 2023 Awards Night will be hosted on the 09th of November, the night before the Innovation PNG 2023 Conference on the 10th of November.

The government has directed a stop to the proposed sale of Pacific Balance Fund (PBF) Shareholding Interest in Trukai Industries Limited by Melanesian Trustee Services Limited (MTSL), to protect the interest of local unitholders and safeguard the country’s part ownership of the major rice distributor. The Minister for International Trade and Investment, Mr. Richard Maru said that the Share Buy-Back Agreement that MTSL is pushing to sell off PBF shareholding in Trukai to SunRice Group, an Australian owned global rice food company, raises concerns in regard to Papua New Guinea’s national interest. In the agreement, MTSL proposed to sell its 33.77% shareholding for approximately AU$17.5 million to SunRice Group which already owns 66.23% of Trukai shares. Since its incorporation in 1970, Trukai had grown to be the number one rice brand in Papua New Guinea (PNG) and it is the leading supplier of rice, amounting to 80% besides other competitors. Ordinary Papua New Guineans pride themselves as having ownership stakes (unit holders) through the 33.77% in Trukai through PBF. Minister Maru said there were major concerns of national importance around this proposed transaction. “Firstly, MTSL has no powers to act on this sale because its trustee license expired in 2017 and it is yet to renew or be granted the license. Secondly, the unitholders of PBF have not been consulted. This is a very significant transaction, and the unit holders did not come together in the AGM and agree on the transaction. Their interest is being compromised and the sale is not in their interest according to the formal complains that we have received from them.” Thirdly, he said Trukai is 30% PNG owned through PBF and SunRice owns 70%, hence, this transaction will dilute PNG ownership and allow for a foreign company to own and control 80% of PNG’s rice market. This is a major concern to the national interest because it will give SunRice as sole owner the concentrated market power which may be used against the interest of consumers, employees, and the country at large. Minister Maru said this proposal was a surprise to the industry stakeholders, in particular the Ministry of International Trade and Investment and the Capital Market industry regulator, the Securities Commission of Papua New Guinea (SCPNG). “The documents with respect to the proposed Share Buy-Back were not disclosed to the Securities Commission of Papua New Guinea,” said Minister Maru. “The proposed sale of shares also has the potential to interfere with the Government’s plans to develop a local rice industry as opposed to importation under the Special Economic Zone aspirations of our country. Also, should this agreement be transacted as proposed it will certainly affect the welfare and job security of about 1, 000 Papua New Guineans who are employees of Trukai at present,” he added. “The Government has now directed the Securities Commission of Papua New Guinea to conduct an investigation into the proposed sale to determine whether or not the MTSL has a valid Capital Market License to operate as the trustee of PBF,” said the minister. The SCPNG will also investigate into whether MTSL has a legal mandate to act as a trustee in such a transaction without a valid license and if it has complied with the regulatory processes under Section 36, 37 and 189 of the Capital Market Act 2015. “The Government has further tasked the Securities Commission of Papua New Guinea to ascertain whether all unit holders have approved this transaction or not. SCPNG is tasked to carry out an investigation within 21 days and report back its findings for appropriate actions,” said Minister Maru.

The State rental debts owed to Nambawan Super Limited (NSL) for the use of the Fund's properties, have now reached over K108 million as of the end of last month, Friday 30th June. According to NSL Chief Executive Officer (CEO) Mr. Paul Sayer, this is comprised of K50 million in outstanding rental payments for February, March, April, May and June this year, and another K58 million in arrears from several years prior to 2023. Last year, the superannuation fund and the government reached an agreement whereby the State would settle the remaining balance of its rental arrears in K10 million monthly installments. The installments include K5 million per month to clear the outstanding arrears accumulated from prior years and K5 million to pay its current monthly rent. The State met the January 2023 installment but has since not made any further payments. NSL has continued to consult with all levels of the State on the issue of outstanding rentals throughout Quarters 1 and 2 of this year with little success. NSL is now calling on the State to honour its agreement and settle its long outstanding rental arrears, to ensure that Nambawan Super’s 220,000 Members don’t suffer any further losses to their returns. “Each month these arrears remain unpaid our Members lose returns on their investments,” said the CEO. He explained that the income received from these properties is used to maintain the buildings to ensure that they can continue generating profits for their members over the long-term; however, as the arrears go unpaid the Fund absorbs this cost, resulting in reduced profit for Members. In addition, NSL is not able to reinvest these earnings into new projects and ventures. “This, results not only in less returns for members, but also limits the Fund's ability to make further investments into the PNG economy creating jobs and redistributing wealth to everyday hardworking Papua New Guineans,” he said. “The members of Nambawan Super and all hardworking Papua New Guineans will ultimately be the ones affected if the State does not honour its commitment as a tenant of the Fund’s properties.”

There will be a number of big topics to be presented and discussed at the upcoming Innovation PNG 2023 Conference including the topic of Artificial Intelligence (AI), which is quite a new concept to countries like Papua New Guinea (PNG) in terms of using it to create innovations to address some issues faced in the country. According to PNG Advantage International Publishing Director Mr. Andrew Wilkins, one of the hot topics to be presented is Generative Artificial Intelligence like ChatGPT, which can be used to create new content, including audio, code, images, text, simulations, and videos. “We want this conference to give us an update in that area,” said Mr. Wilkins. “Artificial intelligence is going to be an enormous influence on how we develop our economies all over the world in the next ten years.” “We’re going to have experts tell you about what’s possible, what’s going on, and what the future will look like in that area.” He said the topics will be covered by overseas expert speakers in the area of technology. “We're going to be bringing in some very high-profile expert speakers from overseas, who are going to come with the global knowledge about what’s happening particularly in the area of technology, so that we can have an up to date understanding of what’s going on around the world.” He explained that the level of sophistication of using the internet is growing at an exponential level, so people must know and understand what opportunities are there for PNG. “It’s really about where technology will take us in the next five to ten years,” he added. The one-day Innovation PNG 2023 Conference will take place on November 10th at the APEC Haus, Port Moresby city.

The Port Moresby Chamber of Commerce and Industry and Business Advantage International have confirmed that they will be hosting Innovative PNG 2023 on November in Port Moresby to bring in innovative solutions to problems experienced in the country. The event was first hosted in 2019 but was not staged the following years due to the COVID pandemic. This year will be the first time after three years to be hosted again. Innovation PNG will be the international standard event bringing the best of new technology, creating solutions and innovative thinking to PNG. Mr. Andrew Wilkins, the Publishing Director of Business Advantage International, said the event is all about presenting and discovering new innovative solutions, whether it be new technologies or innovations in other areas created by individuals or organizations. “The idea was to create a day of celebration, a day of positivity in PNG,” Mr. Wilkins said. “We have a lot of focus, understandably on the challenges we face in the community, in the business house with foreign exchange or energy, or all the things that we need to deal with every day.” However, he stated that maybe what everyone don’t spend enough time on, is focusing on those organizations and people who are doing amazing things in coming up with solutions to issues face in the country, whether it be in agriculture, SMEs, finance, education and health, etc. “This event is about identifying those solutions, it’s about celebrating those achieving where they occur, and it’s about sharing the skills and know how amongst ourselves on how we can develop innovative culture in PNG.” Meanwhile, the event will include discussion panels, case studies of local innovators in PNG, workshops and there will be an expo as well on the day. Experts in the field of innovation will be in the country as well for the event on November 10th at the APEC Haus. The event will be preceded by an awards night on the 09th of November, also at the APEC Haus.

The country’s consumer watchdog, the Independent Consumer and Competitions Commission (ICCC) is conducting a survey with the aim to establish the real basis of the numerous complaints by BSP customers against their bank, BSP Financial Group Limited, following the installation of its new banking system. ICCC Commissioner and Chief Executive Officer (CEO), Mr. Paulus Ain made mention that the Commission will be making certain recommendations pursuant to this survey. Mr. Ain said that in the past 10 weeks the ICCC has attended to numerous complaints coming in from all the four regions of the country, relating to the recent BSP Banking System upgrade. “Most BSP customers’ complaints were all relating to the system upgrade and the issues that followed afterwards.” The reason for the ICCC to conduct this survey into these complaints is because as the consumer watchdog under the ICCC Act, it will perform such functions where it considers appropriate to protect the interest of Papua New Guinea (PNG) consumers. The Commission is involved in a lot of investigative work and has high standards in the way it conducts its work and will be maintaining complainant confidentiality at all times. BSP customers are at liberty to participate in this survey, which can be found on ICCC Facebook and LinkedIn pages.