7 Nov 2007

China boosts investments in PNG

11:59 am on 7 November 2007

China's total investment in Papua New Guinea last year has reached a record 115 million US dollars, making it the second biggest during the period.

Statistics from the PNG Investment Promotion Authority or IPA show China's total investment in the country from 1993 to 2006 amounted to K910 million, or a yearly average of K70 million, and created more than 4,000 jobs.

The National newspaper reports that PNG became the 112th country to create formal diplomatic relations with China on in 1976.