Authority: New Ireland attracts K460mil in foreign investment

NEW Ireland has attracted K460 million in foreign investment in the last six years, of which, 80 per cent was in Namantanai, Investment Promotion Authority (IPA) chairman Leon Buskens says.
Buskens, who officiated at the opening of the Bank South Pacific branch in Namatanai recently, said according to the IPA investment data from 2014 to 2020, statistics showed that 80 per cent of the foreign investment was in Namatanai. He said foreign investment in Namatanai alone was about K340 million for the last six years due to forestry, the Lihir gold mine and Simberi mine.
“Namatanai is a powerhouse in PNG so let’s work together because we have a good leader and we have a bright future,” he said.
Namatanai administrator Neville Tomon said Namatanai had been without banking services for almost two decades.
“The people of Namatanai witnessed the return of banking services with the launching of the high breed branch of (BSP) BSP Financial Group Ltd,” he said.
“We are now on equal footing with other districts in terms of banking facilities.
“The former PNG Banking Corporation and BSP provided banking services at the sub-branch status in the early 1990s but withdrew due to no businesses in Namatanai.
“We had the Asians joining the business community in Namatanai but without a bank.
“We have done something positive that hasn’t been done before and that is to create a business environment to reconsider the bank’s position and return with its high breed branch facility and other products like automated teller machines, loans and other facilities.
“I’m pleased to announce that the business arm of Namatanai development authority, Walter’s Farming Association Buying Point, has increased the cash circulation in our district. As a result, our small farmers (especially women) have cash they didn’t have before and they are putting food on the table instead of their male counterparts.”