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Businesses Express Concerns About Papua New Guinea Economy

2024-04-11 03:19:46.555000

In Papua New Guinea (PNG), businesses including Paradise Foods Limited, Lae Biscuit Company, and Brian Bell Group have expressed concerns about the state of the economy [3fd84602]. Anthony Smare, chairman of Paradise Foods, describes the economic conditions as the worst he has seen in the last 20 years. He notes a decline in biscuit sales, indicating a lack of disposable income at the grassroots level. Ian Chow, chairman of Lae Biscuit Company, criticizes the government for not assisting the manufacturing industry and neglecting basic services. Ian Clough, chairman of Brian Bell Group, highlights the challenging economic situation, low consumer confidence, and the need for urgent investment in employment, education, health, and basic services. He also clarifies that insurance coverage for businesses impacted by riots and civil unrest is limited. The businesses affected by the January 10 events have started receiving support, but there is a need for clarity on tax relief, duty concessions, and the nature of support for restocking and rebuilding. The article also mentions the partnership between West Sepik and MVIL to ease administrative processes and cocoa farming in PNG.

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