How to start a business in papua new guinea
What are the best business opportunities in Papua New Guinea? Papua New Guinea, located in the southwest Pacific, occupies the eastern half of New Guinea and its bordering offshore islands. Known for its extensive cultural and biological diversity, Papa New Guinea boasts of beautiful beaches, coral reefs and scuba diving.
Further inland are active volcanoes, Mt. Wilhelm; made of granite and dense rain forest, which adventurers navigate via the Kokoda Trail. There are also many agricultural settlements, many with their own unique language.
Why You Should Start a Business in Papua New Guinea
Papua New Guinea is notably one of the most culturally diverse countries in the world today; close to 900 languages are credited to the country, of which 12 no longer have known living speakers. A sizable proportion of the population of over 7 million inhabitants resides in customary communities, which bear as much diversity as the languages. It is also high on the rural index, as only about 18 percent of its people reside in urban areas.
Doing business in Papua new guinea
Papa New Guinea has the reputation of being one of the least explored nations in the world, both culturally and geographically; it is believed that a good number of undiscovered species of plants and animals exist in the hinterland, as well as groups of un-reached humans.
The following business ideas can be pursued by the savvy entrepreneur in Papa New Guinea:
LIST OF PROFITABLE BUSINESSES IN PAPUA NEW GUINEA
Hotel and Beach resorts
Papa New Guinea boasts of captivating beaches and extensive shorelines, which have the potential to attract thousands of tourists every year to its borders, thereby bringing in needed foreign exchange. The business idea of establishing hotels, resorts, along with the provision of travel and sightseeing tours, to accommodate this influx of people will serve the entrepreneur in good stead.
All that will be required will be a feasible business plan, management and people-skills, obtaining relevant regulatory and supervisory approvals, engaging appropriately trained manpower and considerable financing, in order to make this business idea hit the ground running.
Export Processing Firm
Papa New Guinea boasts an array of renewable and non-renewable natural resources that includes extensive copper deposits, gold deposits and oil, which fall under the non-renewable resources. The business idea that can emanate from the presence of these minerals will look in the direction of setting up a processing/manufacturing plant with the capacity to turn these raw materials in to processed or semi-processed forms for the export market. The requirement for setting up such a business idea from scratch will entail possessing the requisite technology and manpower, as well as a thorough grasp of the markets and trends in the international export market, in order to remain competitive. A significant proportion of start-up costs may be ploughed into the provision of stable power, in order to augment the national supply.
Agriculture, according to conservative estimates, employs close to 85% of Papa New Guineans and it also contributes to over 30 percent of the GDP of the national economy. The main crops fuelling these statistics are oil palm, rubber, coconut, cocoa and tea.
This business idea will be served by a renewed commitment from the Central Government to aid businesses that desire to set-up shop and exploit these crops. The savvy investor, with requisite training and skill, as well as trained manpower, can set up plantations and farms for the harvesting of these crops.
Such a business can also look to processing these crops, not only for local consumption but also for the export market, thereby yielding Foreign exchange earnings. This business idea is sure to find its footing in the long term.
Papa New Guinea is seeking to diversify its economy and find multiple streams of national income, in order to guard against the shocks that can arise from a fall in the prices of commodities. A veritable medium through which this can be achieved is through the setting up of a viable Information and Communication Technology sector.
This business idea can be pursued by the savvy entrepreneur through the setting up of ICT clusters for the deployment of online based solutions for businesses and manufacturing concerns in order to improve process efficiency and reduce costs of business.
The entrepreneur that wishes to pursue this business idea will need to have proficient knowledge in the design of websites, the development of web applications and software, computer hardware installation and repair among others.
The World Health Organization rates Papa New Guinea as having one of the highest incidences of HIV/AIDS in the world, as well as possessing high rates of maternal and infant mortality rates in the world. The business idea that be starts from these conditions will center on the provision of health and medical care services to a generality of the population, who lack access to basic medical care.