4 Aug 2008

PNG's poorest province eyes a major industrial development

3:38 pm on 4 August 2008

Papua New Guinea's poorest and most rural province, Gulf, could become one of the most industrialised parts of the country after an agreement with one of South Korea's leading manufacturing and petroleum companies.

The National Government has signed an MOU which aims to foster a bilateral economic relationship between PNG and South Korea through the establishment of an industrial and petroleum park in the province.

The MOU was signed with Samchang Enterprises Company Limited's chairman and one of South Korea's powerful businessmen, Doo Chul Lee.

Samchang intends setting up the park with down-stream processing facilities in the Kikori area of Gulf Province.

The Governor of Gulf Province, Havila Kavo, says it is hoped the province will benefit from a technological transfer and foreign investment.

The planned gas pipeline from Southern Province will pass through Gulf while there have also been new gas fields found within Gulf.