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PM Marape Markets PNG as Good Investment Destination : Invites Chinese Companies to invest in PNG

Papua New Guinea Prime Minister James Marape has assured Xuzhou Construction Machinery Group (XCMG) Company Limited that Papua New Guinea is a good investment destination in a meeting yesterday at the Shangri-La Hotel, Hong Kong.

Prime Minister Marape informed Vice President of XCMG Mr. Hanson Liu that Papua New Guinea has an independent and robust Judiciary that would protect the company's investment interests in the country. 

He added that the Government, no matter who was in power, always honours contracts between investor and State, ensuring that they were free from undue political influences.

Prime Minister Marape also informed Mr. Liu that Papua New Guinea was a good investment destination due to more resource development projects coming on line or are soon to be coming on line. He highlighted Porgera Gold Mine, Wafi-Golpu, Papua LNG and Frieda River Copper/Gold Project as examples.

He informed the Vice President that Papua New Guinea was strategically located in the middle of Asia, the West and Pacific, and provided that needed bridge between China and the markets of South Pacific, including Australia, New Zealand and Indonesia.

Prime Minister Marape then invited XCMG to establish a machine-building plant in Papua New Guinea, which he said the Government was willing to give concessions to. The aim is to produce finished products labelled 'Made in PNG' for export to the America, Pacific and Asia.  

PM Marape further advised Mr. Liu of the potential of XCMG going into the production of Green Energy by building batteries from nickel and cobalt harvested from the Ramu Nickel/Cobalt project to store energy generated by hydro, wind and the sun.

The Prime Minister also talked about Green Energy and Carbon Offsetting that was now becoming a social responsibility among companies.

Vice President of XCMG Hanson Liu thanked Prime Minister Marape for meeting with him and his team, and assured Prime Minister Marape that they would look into how they could establish a factory in Papua New Guinea.

He also informed the Prime Minister that the company was also looking into establishing a scholarship for five PNG students to study in fields of Petroleum, Mining, Engineering, Heavy Equipment Fitters, and related areas.

XCMG is a Chinese state-owned company that specialises in building machinery for export to the world.

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PNG PM Marape arrives in Beijing, China for Official Visit

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