Over 50pc of CEOs in PNG consider expansion: Survey

Just over 50 percent of chief executive officers in PNG are looking at expanding investments in the country.

The PricewaterhouseCoopers 2017 CEO Survey findings show that 55 percent of CEOs expect to expand their operations through investments.

The survey was presented yesterday morning by PwC Tax Partner, Peter Burney, to members of the Port Moresby Chamber of Commerce.

Burney said like the rest of APEC Economy CEOs surveyed, PNG CEOs share similar sentiments of expanding investments.

“55 percent of PNG CEOs talked about increasing their investments in the coming year, and 31 percent said they will maintain their investment at the same level.

“So again, pretty positive outlook for PNG CEOs and again in line with the broad numbers in APEC,” stated Burnie.

Burney said like the rest of APEC economies, CEOs from PNG share similar sentiments that businesses will become more automated, with skills development as part of its digital workforce strategy.

This is based on the notions of confidence that revenue for businesses will pick up with 33 percent very confident while 41 percent are somewhat confident.

“26 percent of PNG CEOs said that to a great extent their expansion would be dependent upon strategic partnerships and joint ventures. And 33 percent to some extent. So if you add that together, the 55 percent who are going to expand would rely on some sort of joint venture or partnering to execute that expansion.”

Meanwhile, the survey showed that the main challenges include the foreign exchange shortage, lack of capacity and efficiency of the public sector, the need for more business friendly legislation and policies, the need for improved infrastructure and law and order.

Cedric Patjole