Singapore investor signs MOA for Agriculture park
A Memorandum of agreement (MoA) has been signed between the Morobe provincial government and a Singaporean investor for the development of the Wawin farm outside Lae.
The MoA signed was for the investor to develop the Wawin farm into an agriculture park.
The provincial government welcomed the initiative which is expected to generate more than K700million in revenue turnover.
Singaporean investor, Dr Chia Tet Fatt, said the agreement is the start of a business and trading relationship between Singapore and the people of Morobe.
“I want everybody to be involved because all the technologies I want to move it to Wawin,” Dr Fatt said.
“This project has to move from an existing business, and this new project is going to be food-based.”
Dr Fatt said the idea was to set up the project with locals since the project has the potential to generate over K20 billion in gross domestic product (GDP).
Morobe provincial administrator Bart Ipambonj said the project has been long talked about since 2017.
He urged the people, especially landowners, to be positive about the development.
Meanwhile, Governor Ginson Saonu said it is the agriculture park that will empower the country’s economic independence.
Minister for Trade, Commerce and Industry Wera Mori said it was an opportunity to make Morobe a dynamic province in the country.
“I and Prime Minister James Marape have been making statements on diversifying our economic base because PNG has been relying so much on the extractive industry, especially mining, oil and gas and so our revenue base is narrow,” Mr Mori said.
He said that was why the government has now taken a bold stand to expand the economic base.
“So we have to shift our priority to a wider base and that can only be achieved through agriculture,” Mr Mori said.