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Get to Know About Papua New Guinea
Papua New Guinea (PNG) is classified as a developing country that occupies the eastern half of New Guinea (Indonesia owns the western half). The territory covers an area of 462,840 square kilometers and is home to more than 8 million people. Its capital is Port Moresby, which is also the largest city, and Papua New Guinean speak English, Hiri Motu, PNG Sign Language, and Tok Pisin languages. The predominant religion is Roman Catholic, and the national currency is Papua New Guinean kina (PGK). Similar to its neighboring countries, the country has a tropical climate.
PNG’s Gross Domestic Product (GDP) is worth 23.43 billion US dollars, and the GDP per capita is roughly $2,400.20. The Corporate Tax Rate always fixed at 30 percent, which may hurt the earnings of companies a little bit.
Doing business in Papua New Guinea requires these qualities: flexibility, adaptability, and patience. According to the latest annual ratings of World Bank, the country is ranked 108 among 190 economies in the ease of doing business. Foreign nationals must obtain a visa before they can enter the country unless they are citizens of one of the countries like EU nationals who are eligible for a visa on arrival or eVisa (visa online).
Of course, there are some challenges in PNG which include mild violent crime especially in urban areas, corruption which also occurs in some developing and third world countries (even in the first and second world). The poverty rate is also an issue (two out of five of the country’s population is poor). Despite that, PNG is still proud of their economic stability. They are major exports of minerals (crude oil, copper, silver, and gold), coffee, timber, copra, and cocoa. Their exports marginally exceed their imports.