SOUTH KOREA INVESTORS ALREADY IN ABG
NBC New PNG
Reported by Patrick Makis (NBC Buka)
A South Korean business delegation has signed two investment agreements with landowners in Bougainville to venture into the downstream processing of timber.
The delegation arrived in the autonomous region last week on its fifth visit to Bougainville and visited parts of the region where they met with landowners and discussed investment options.
ABG’s vice president, Raymond Masono was among dignitaries who witnessed the signings.
The South Korean delegation signed two agreements with landowners.
One was signed with the Tonolei Integrated Landowners Association and the other with landowner’s groups from the Torokina area.
Under the investment deal, the South Koreans will be investing more than 4 billion kina into the Bougainville economy while venturing into the development of downstream processing of timber products as well as developing key infrastructure like roads, sea ports and airports.
ABG Vice President, Raymond Masono commended the South Koreans for agreeing to partner with Bougainville to develop its resources, especially in the forestry sector.
Mr Masono said Bougainville needs private sector investments to drive economic growth especially if it wants to achieve fiscal self-reliance.
NBC News- Patrick Makis (NBC Buka)