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Papua New Guinea

Port Moresby 

Papua New Guinea (PNG) is known as the 'Land of the Unexpected'. This vast archipelago is made up of more than 600 islands, and is the economic powerhouse of the region, and the most populous, with around 7 million inhabitants. Located to the north of Australia and southeast of emerging Asia, colourful, mysterious and natural, this island nation is at the peak of a significant resource boom. The US$17.3 billion Exxon Mobil LNG Project is a key driver of this surge in growth, pivoting PNG's economy to maintain its position as one of the fastest-growing economies in Asia and the Pacific in 2012, with economic growth of 9.2%. Besides natural gas, PNG's extensive mineral and petroleum deposits (oil, gold and copper) and other natural resources provide the potential for strong future prosperity.

The tourism sector also shows promise. Plans by Carnival Cruises to include PNG on its itineraries and a joint marketing initiative with far north Queensland (Australia) have provided an important boost to PNG's tourism industry and will open further opportunities for expansion. Other opportunities for economic expansion will stem from PNG's role as host to the Pacific Games in 2015 as well as the Asia-Pacific Economic Cooperation (APEC) Summit in 2018.

The government has directed for the development of a set of incentives for hotel development. While there are various types of accommodation in PNG ranging from high end business hotels including the Crowne Plaza and Holiday Inn, to resorts, guest house and hostels, backpackers/budget and traditional & informal accommodation there are also significant opportunities for further investment. Expansion of the tourism offering to capitalise on the pristine waters, nascent surf tourism and eco-tourism would all provide excellent opportunities for investment.

PNG national airline, Air Niugini operates daily domestic flights within PNG and regular international flights throughout Asia, the Pacific and Australia.

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