• PNG Business News

US$600 Million Industrial Park Proposed

Updated: Nov 5, 2019



An investment of US$600 millon from China through a commercial partnership between China Railway Engineering and PNG is awaiting National Executive Council approval.


Agriculture Industrial park team leader Brian Waii said this commercial partnership will create the platform for farmers to sell their produce in a central location.


Mr Waii said this industrial park will be like a one stop shop for farmers and buyers where all the products and agencies (NAQIA, PNG CUSTOMS) responsible for security and quality checks will be housed on site. This project has three phases.


He said they are almost done with phase one of the project and has already completed all feasibility studies at the cost of 2million USD and will be looking forward to work on phase two once they get the approval from NEC. “We are bringing the market holistically closer to the farmer… Phase one will include feasibility studies and all these things phase two continue with construction and commissioning and the launching of the project.


We were supposed to have this taken off in 2017 we would almost be completing stage two and one around this time so that a lot of our sites should be completed by this time and a lot of our facilities will be up,” he said.


“The total value of this investment which the china railway will be putting up is US$600 million(est K1.9 billion) and the state of PNG was asked to provide the land only as a collateral… this is not a loan this is a commercial partnership between PNG and China Railway. Average annual income we expect is K750million for one of the crop.


If we get onto other crops the income will rise. It will also create employment for 3000 Papua New Guineans . Chinese will only have 2500 technical experts to supervise and skills transfer training,” he added.


“If we put everything together in one spot it will be like an industrial city of its own which will have another impact on the goods and services to the people.”

Continue reading at https://postcourier.com.pg/us600-million-industrial-park-proposed/ | Post Courier

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