MoA signed for mega investment

This K43.84 billion worth project is set to provide over 500,000 jobs and spinoff benefits during the construction phase in Eastern Highlands Province and entire country. It is expected to improve the living standard of more than 400,000 people.

Prime Minister James Marape and Governor Numu posing for a photograph after the MoA signing with McKinley Asia Group CEO Min-Ho Hwang and other officials
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By WANPIS AKO

Eastern Highlands Provincial Government yesterday signed a Memorandum of Agreement with McKinley Asia-PNG Limited for a mega investment.

The signing will enable the US-based Korean company to expand K43.84 billion on smart agriculture and livestock, and other infrastructural developments in EHP.

Empowering low Governments remains priority for Marape-led Government

Prime Minister James Marape said the coalition government is focussing on empowering low levels of governments.

Clearly, low levels of government comprise of the provincial, district and local-level governments.

Mr Marape said he supported this project.

PM Marape continued they have already created 21 Special Economic Zones to support his government’s focus.

He urged investors to open bank accounts with the Central Bank with US20 million (K65.3 million) initial deposit.

This will give confidence to the government to assist them with policy and incentives like tax holidays, he said.

Eastern Highlands Provincial Government prioritises Trade and investment, Agriculture and Livestock, and Road infrastructure

Governor Peter Numu said it will build a facility at a cost of K6.53 billion. The facility will house stockfeed production, poultry hatchery and downstream processing centre in the province.

The balance of the fund will cater for the project’s feasibility study and other infrastructural developments.

Developments include:

  1. Large scale agriculture and livestock downstream processing plant;
  2. Construction of State-of-the-Art Incubation Agriculture Institute;
  3. Upgrading and construction of hospitals and clinics;
  4. Goroka Town upgrading into smart city;
  5. Building of markets, and;
  6. Road building for ease of transport;

Prime Minister James Marape, Agriculture Minister John Simon, other MPs and EHPG officials witnessed the event in Port Moresby.

Mr Numu said his government was on its way out to look for investors during these tough economic times.

Hence, he said trade and investment, agriculture and livestock, and road infrastructure remained as top priority during his term in office. Related story: https://pngsun.com/amp/2020/04/30/road-projects-remain-priority-for-governor-numu/

Governor Numu added that his priority policies were to complement the Marape-led Government’s grand policy to Take Back PNG.

“My people are hardworking. We have eight districts with more than 700, 000 people. We have a fertile land suitable for this kind of investment.

“Agriculture is our backbone. Importantly, this project will surely transform the lives of our people,” he said.

Eastern Highlands is bidding to become a model province in PNG, he said. Related reading: https://youtu.be/F5bxTUMgZhA

Consequently, he stated the Provincial Executive Council endorsed this project and established a multi-sectoral committee for policy and compliance matters.

The project comes under Public Private Partnership.

Obviously, this PPP accommodates Build, Operate, Own and Transfer and other models, he said.

“Thus, we support Our Prime Minister’s vision to Take Back PNG. We will continue to find other projects to further boost it,” he said.

McKinley Asia-PNG Limited’s focus in PNG

Company CEO Min-Ho Hwang said when the project comes on stream, it will provide spin-off benefits and jobs for more than 500,000 people.

The company will help improve living standard of more than 400,000 people, he said.

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