Lae Chamber of Commerce forecasts bright economic future
According to LCC President Alan McLay, businesses in the nation’s second largest city were operating under difficult circumstances due to the lack of circulation of the Kina and shortage in foreign exchange. However, he forecasts that the economy would get back on track with the increase in commodity export prices.
We are quite optimistic. And there is a general feeling that commodity prices for the bulk of PNG exports will pick up toward the end of this year, which will bear well for the overall PNG economy.
- Alan McLay - President, Lae Chamber of Commerce
McLay also said the chamber still believed Lae as the premium place to invest in the country for the appropriate businesses. He said investment continued to grow in spite of the tough economic times.
He said examples were the new tuna fishing and processing plant to be established at Malahang and plans for the Wafi-Golup mining development.
McLay also highlighted developments like the port developments and the Lae to Nadzab Highay which enable higher traffic.
Meanwhile, McLay has also warned business to be vigilant during the election period. He advised businesses to "maintain a high degree of vigilance" during the period but was optimistic that Lae would not face problems based on lead-up indications.