British company to invest in cocoa project

Business

A BRITISH-based cocoa producing company will be investing in a 2500 hectare cocoa plantation at the Sepik Special Economic Zone, according to Trade, Commerce and Industry Minister Richard Maru.
He said US$70 million (K217 million) would be invested in the project.
He attended the Commonwealth Trade Ministers’ meeting in London recently and met with the UK Import and Export Bank to support Bean & Co.
“One of the companies that we are targeting is called Bean & Co,” Maru said.
“It is a major cocoa producer in the world. They are based in UK. We met with the UK Government through the Import Export bank to give Bean & Co a loan of US$70 million (K230m) . Bean & Co will use that money to start up a 2500 hectare cocoa plantation in the Sepik plains Special Economic Zone. The loan was approved.
“We expect in the coming months for them (Bean & Co) to establish base in Sepik. They will start a very big cocoa nursery to supply cocoa seedlings not only to their own plantation but to the East and West Sepik provinces.”
Bean & Co develops integrated plantations and uses modern best practices and technologies.
The plantations it manages produce quality cocoa beans.

Leave a Reply