Tough doing business in PNG
May 3, 2011 Leave a comment
Doing business in Papua New Guinea is a challenge for people who know it as an idealicaly resource rich country.
However, statistics from Doing Business, an online website of the World Bank and International Finance Corporation reveals that PNG’s economic ranking is far below most other Pacific island countries like Solomon Islands, Fiji and Vanuatu.
Fiji is two steps ahead with a ranking of 104 while Vanuatu back three places at 107 is not far in translating into real opportunities for business.
Currently the country is ranked 103 compared to Solomon Islands on 96, raises issues in terms of considering PNG as an ideal business location.
Apart from the delay in issuing business permits, other factors like high income tax and the protection of investors were noted.
Over 183 countries were surveyed as conducive business areas for firms to start business and operate.
A review in the country’s current reforms in conducting business reforms may result in more job opportunites and benefits once in full operation.