Paradise Foods Ltd. to Invest K115 Million this Year
In expanding its business operations, Paradise Foods Ltd. will invest K115 million this year, according to chief executive officer James Rice.
He said that the firm is also introducing new products this year.
“I believe the economy in PNG will remain the same unless some large projects that bring investment and jobs are approved,” he said. “The economy will be tough for everyday Papua New Guineans, so we will not raise our prices on any of our products except for chocolate, we still expect our business to grow but not because the economy grows.”
He added, “We will grow our business by more hard work. The current economic difficulties for PNG is only temporary. Our outlook for the long-term growth of PNG’s economy is still optimistic. The Covid-19 pandemic gave us a pothole in a rising road. Our group will still be investing K115 million in 2021 on expansion and improvements, and we will be launching new products into the market. We still have the potential to grow and so does the country.”
The firm also plans on building a chocolate factory in Lae for its Queen Emma brand. This is expected to draw 75 jobs and support more cocoa farmers - which would also give them the opportunity for production and for growth to begin supplying. The new factory is expected to be 20 times bigger than the factory in Port Moresby, which has 10 tonnes a month.
“We need more farmers to supply our growth,” he said. “We want our chocolate business to be 20 times bigger,” he said. “My passion is I like to create jobs,” he said.