Malay firm to boost oil palm project

A MALAYSIAN company has signed an agreement with the State to develop an oil palm project in Gazelle, East New Britain.
TZEN Group will invest up to K300 million in the project.
It already has investment in the oil palm sector in the province which it is now expanding.
Governor-General Bob Dadae signed the Kairak nucleus oil palm development project agreement on behalf of the State.
Secretary John Andrias signed on behalf of the Department of Trade, Commerce and Industry and TZEN group chief executive officer Tan Eng Kwee signed on behalf of the company. The project agreement does not mean we are about to embark on the expansion, or we are about to embark on the development.
“We actually came here to show our work and to show our substance by developing the industry,” Tan said.
“Subsequently after developing the industry, we are coming to the Government for assistance on tax exemptions for the project agreement.
“This is quite unique compared to other projects that normally ask for incentives first before putting in the money.”
“If you realistically look at the project, at the end of the day, the project would cost more than K300 million.
“With the roads and bridges that we will put in, it is quite substantial.”
He also noted the challenges a foreign company would face when operating in the country.
“It has been very challenging to operate in PNG,” he said.
“Papua New Guinea has not been easy for us or for any foreigner. It has been very unique, it has been very special.”