Foreign Exchange Woes Continue to Hamper Businesses in Papua New Guinea, Says Coca-Cola Exec
The persistent lack of foreign exchange affordability is severely impacting businesses in Papua New Guinea, according to Tim Solly, Sales and Commercial Director of Coca-Cola Europacific Partners. Solly revealed that the issue has created significant challenges for the company as it grapples with rising operational costs while striving to keep prices affordable for consumers.
“It’s been a tough balancing act for us because we’ve tried to hold prices steady for as long as possible,” Solly explained. “But when your costs are climbing, it becomes nearly impossible to maintain that stance.”
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| Foreign Exchange Woes Continue to Hamper Businesses in Papua New Guinea, Says Coca-Cola Exec |
He pointed out that foreign exchange volatility had substantially increased expenses for the company over the past year and remains a pressing concern in 2023. Adding to the burden is the broader issue of affordability in Papua New Guinea, where the rising cost of living is placing immense strain on households.
“The minimum wage hasn’t changed in years, yet the cost of living continues to rise,” Solly said. “This means many people are struggling to make ends meet, and as a business, we have to navigate that reality carefully.”
To address these challenges, Coca-Cola Europacific Partners is focusing on offering affordable product options without compromising quality. Solly highlighted the importance of the company’s 300-millilitre range, which serves as a critical price point for budget-conscious consumers.
“That range is vital because it allows us to provide products at a price point that’s accessible to most people,” he said. “Our goal is to hold that price for as long as humanly possible.”
During an annual meeting with business leaders and a commercial conference held on February 5, Solly emphasized the need to maintain productivity, sales, and revenue growth without overburdening consumers. He also shared the company’s plans to introduce new products while retaining its competitive edge in the Papua New Guinean market.
“Consumers deserve the best, and we’re committed to giving them a reason to connect with our brand,” Solly stated. “We want to remain something unique and close to the heart of every Papua New Guinean.”
As the company navigates the dual pressures of economic instability and consumer affordability, Solly reiterated Coca-Cola Europacific Partners’ dedication to delivering value to its customers in Papua New Guinea. By prioritizing accessible pricing and innovative product offerings, the company aims to weather the storm and continue serving as a trusted household name in the region.
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