The New Ireland Development Corporation (NIDC) is stepping up efforts to attract strategic investment and forge new partnerships as part of a broader strategy to drive economic growth, create jobs and expand commercial opportunities across New Ireland Province.
New Ireland Governor Byron Chan said the corporation is beginning to deliver on its renewed mandate following a series of high-level meetings in Port Moresby led by NIDC Managing Director Christian Tarkap.
The investment mission, held during the first week of July, included discussions with the Asian Development Bank country director, the National Fisheries Authority and Credit Corporation management to explore investment opportunities and establish strategic partnerships aligned with NIDC's long-term development agenda. Chan joined Tarkap in several of the meetings.
Chan said the engagements marked NIDC's shift from planning to actively pursuing investments that would deliver tangible benefits to communities throughout the province.
"This is exactly the direction we want our provincial investment arm to take. NIDC must be visible, proactive and constantly seeking opportunities that will bring investment, create employment and stimulate economic activity throughout New Ireland," he said.
He said the provincial government remained committed to strengthening the local economy by partnering with credible investors who share its vision for sustainable development.
Tarkap said the meetings sought to establish a partnership framework that aligns the financial capabilities of potential investors with NIDC's goal of delivering sustainable economic development.
"The discussions centred on how we can work collaboratively to support the corporation's investment drive. We were honoured to meet with representatives from key government agencies and the private sector. The dialogue was productive, creating a shared vision for New Ireland's future and a pathway for projects that will benefit our people," he said.
Chan said the corporation's progress reflects reforms introduced by the Chan-Kolivos government following the appointment of a new board and management earlier this year.
The Provincial Executive Council restructured NIDC to restore investor confidence, strengthen corporate governance and reposition the corporation as New Ireland's principal commercial investment vehicle.
Since its re-establishment, NIDC has focused on improving governance, rebuilding investor confidence and identifying commercially viable projects capable of generating long-term provincial revenue.
As part of its investment strategy, the corporation has established a Technical Project Working Committee comprising specialists from the agriculture and fisheries sectors, with technical support from Kokonas Indastri Koporesen and the Coffee Industry Corporation. The committee has been tasked with developing projects that will directly benefit farmers and rural communities across New Ireland's 10 local-level governments.
NIDC is also advancing several Provincial Executive Council-endorsed projects, including the proposed Malagan International Five-Star Hotel, the Arrow Trading three-storey retail and supermarket complex, the Section 5 Commercial Shopping Mall and a joint-venture fishing project.
Chan said the initiatives form part of a broader economic strategy to create jobs, support local businesses and increase provincial revenue.
"NIDC was never intended to be a passive organisation. It was established to become the commercial engine of New Ireland, identifying opportunities, attracting investment and creating wealth that benefits our people," he said.
He added that the corporation's role extends beyond major commercial developments through its nine subsidiary companies, which are mandated to promote investment and economic participation across all 10 local-level governments to ensure development reaches both urban and rural communities.
The provincial government expects NIDC to continue pursuing opportunities in agriculture, fisheries, tourism, property development, manufacturing and downstream processing while supporting local entrepreneurs and small businesses.
Chan said attracting responsible investment remains a key pillar of the Chan-Kolivos government's development agenda, alongside initiatives to restore tertiary education subsidies, support women entrepreneurs through the Empowering Mama Bilas Peles Program, pursue international education partnerships and strengthen NIDC's role in commercial development.
NIDC reaffirmed its commitment to working with government, investors and development partners to deliver sustainable commercial projects that create employment, generate provincial revenue and support the long-term economic development of New Ireland Province.
