Papua New Guinea Has Much to Offer to Foreign Investors

Korea Times (Seoul, Korea), September 16, 2000 | Go to article overview

Papua New Guinea Has Much to Offer to Foreign Investors


Papua New Guineans will celebrate their Independence Day on 16 September 2000, which will mark the 25th Anniversary, a silver jubilee. Democracy and democratic institutions of governance in Papua New Guinea are very much entrenched therefore, the National Day Celebrations are also going to be celebrated as ``Silver Jubilee of Democracy.''

As this is the year of great historical and positive developments on the Korean Peninsula I wish to, at the outset, take this opportunity to congratulate the government of the Republic of Korea and President Kim Dae-jung in particular, for his undivided attention and efforts toward improving North-South Korean relations, which has brought about the historic summit and has heightened the prospects of peace, harmony and reconciliation on the Korean Peninsula.

The journey may be long but the first important step has been taken and the prize of eventual reunification is definitely in sight. People of Papua New Guinea welcome this development and wish the Korean people every success in their cherished endeavor.

I am grateful to The Korea Times for its generous offer to have this anniversary message published for the information of its valued readers and an opportunity for me to convey my thanks to the Korean people for their support, friendship and cooperation in fostering the valuable relationship that exists between the Republic of Korea and Papua New Guinea.

Papua New Guinea achieved Independence in 1975 without struggle akin to many colonial situations and has developed a strong democratic tradition. Papua New Guinea Government is based on the Westminster model and comprises three branches; the executive, the legislative and the judiciary.

All the fundamental human rights of an individual are fully guaranteed by the national constitution which was adopted at independence. A key strength of Papua New Guinea is the independence of the judiciary, which allows recourse of action by individuals, organizations and businesses.

Papua New Guinea enjoys a cordial relation with the Republic of Korea. Trade and investment activities have declined relative to the pre-financial crisis years but are quickly picking up again. The trade statistics for Papua New Guinea exports to South Korea in 1999 shows an increase of about 120 percent against that of 1998. Korean exports to Papua New Guinea for the same period declined by about 170 percent.

Papua New Guinea continues to enjoy a trade surplus position with Korea and we anticipate this position to be further strengthened as South Korean investors move North and consequential demand for natural resources increase.

The Korean investment in Papua New Guinea is modest but is increasing. The construction and commissioning of an electricity power generating plant in Port Morsby by Hanjung-Daewoo consortium has opened new window for Hanjung in the construction sector in Papua New Guinea.

Hyundai Construction was involved in the construction of a major hydro electricity project many years ago. There is a growing number of small to medium sized Korean investment in construction, hotel, forestry and retail sectors.

There is a PNG-Korea Fishing Access Agreement which enables 26 Korean fishing vessels to fish for tuna in the PNG's Exclusive Economic Zone. …

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Papua New Guinea Has Much to Offer to Foreign Investors
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