A HIGH-powered Japanese investment mission is visiting Papua New Guinea this week, PNG ambassador to Japan Michael Maue announced yesterday.
Mr Maue said the 24-member delegation comprising senior executives of eight different companies would be accompanied by the Japan Bank of International Cooperation (JBPIC).
The companies are Itochu Corporation, Mitsubishi Gas Chemicals Co, Mitsubishi Heavy Industry, Nippon Oil Exploration Ltd, JGC Corporation, LNG Japan Corporation, Cosmo Oil Co Ltd and Sumitomo Mitsui Banking Corporation.
“The purpose of the investment mission is to meet with and establish contacts with the political leaders and officials in PNG and secondly, to discuss issues pertaining to investment in gas,” Mr Maue said.
“The visit to PNG by such a large number of senior corporate executives from eight different companies travelling together is rare indeed,” Mr Maue said.
“What makes it interesting is that these companies have competing interest in the gas industry. Despite that, they agreed on this occasion, to travel together as corporate Japan to explore investment opportunities in PNG with particularly focus on gas resources.”
He urged the PNG side to grab this golden opportunity and be fully prepared to engage in a constructive dialogue with the Japanese corporate executives.
“The ultimate aim is to secure an understanding to develop the gas resources in the country by 2011.”
Mr Maue said that “where appropriate, deliberate decisions must be taken by the PNG side in the two days that the investment mission members will be in the country, to facilitate the establishment of the gas industry in the country”.
He said that there was sufficient interest from Japanese companies to invest in PNG and PNG must be ready to offer attractive incentives to lure appropriate level of investments.
The delegation will pay a courtesy call on the acting Prime Minister Dr Puka Temu and Chief Secretary Isaac Lupari this morning
After lunch, a roundtable meeting is scheduled to be convened with the ministers of Commerce and Industry, Petroleum and Industry, Agriculture and Livestock, Treasury and Finance, Planning and District Development and Public Enterprises, where presentations of the profiles of each company would be presented followed by question and answer session.
Tomorrow, a similar roundtable meeting will be held between officials of relevant ministries and the members of the mission where presentations are expected from relevant agencies such as the Departments of Petroleum and Energy, Commerce and Industry.
Most members of the group are expected to leave on Wednesday whilst others like JGC Corporation, Cosmo Oil Co Ltd and LNG Japan Corporation a will remain for the next two days.
“The management and staff of the Investment Promotion Authority successfully arranged the programme at such a short notice and I take this opportunity to acknowledge their professional and untiring efforts in ensuring that all the logistical arrangements were in place,” Mr Maue said.