Firm plans K115mil investment

Business

By PETER ESILA
PARADISE Foods Ltd will be investing K115 million this year on expansion and improvements to its operations, chief executive officer James Rice says.
Rice said the company would also be introducing new products into the market.
“I believe the economy in PNG will remain the same unless some large projects that bring investment and jobs are approved,” he said.
Rice said this when giving his 2021 business and economy outlook.
He believed the company’s business environment would remain the same.
“The economy will be tough for everyday Papua New Guineans, so we will not raise our prices on any of our products except for chocolate, we still expect our business to grow but not because the economy grows,” Rice said.
“We will grow our business by more hard work.
“The current economic difficulties for PNG is only temporary.
“Our outlook for the long-term growth of PNG’s economy is still optimistic. The Covid-19 pandemic gave us a pothole in a rising road.
“Our group will still be investing K115 million in 2021 on expansion and improvements, and we will be launching new products into the market.
“We still have potential to grow and so does the country.”
Aside from the K115 million, the company is planning to build a K55 million chocolate factory in Lae to cater for the growth of its Queen Emma brand.
“We need more farmers to supply our growth,” he said.
“We want our chocolate business to be 20 times bigger.”
The investment is expected to create 75 jobs and support more cocoa farmers.
Rice said this would give the 2,000-plus cocoa farmers the chance to increase production and for new growers to start supplying.
“My passion is I like to create jobs,” he said.
The new factory will be 20 times bigger than the current factory in Port Moresby which produces 10 tonnes a month.

20 comments

    • Well done Mr. Rice. Our country needs these kind of developers who are here to stay. People who during these tough economical times are willing to face up. Our country certainly needs like minded people and not foreigners especially Asians who flock in with a no care attitude who are here to operate tucker shops and having their eyes on counter every second making sure every penny counts and even seem to forget that they have installed a survellance camera right above the till.. Are our Authorities blind that they dont see how filthy where they operate ? When was the last refurbishment/renovation done ? How well is the welfare of their employees taken care off ETC….? Over to you RESPONSIBLE AUTHORITIES..

  • Well done Mr Rice and the good PFL team, we need more leaders like you to lead this country in the right direction. You have done PNG proud.

    All the best going forward with this expansion plan.

  • I like Mr. Rice! He is really encouraging PNG to be positive in growing our economy as it has more potentials to do so. I like the way he thinks.

    PNG is proud to have you as a manager of one of our country’s major food processing companies.
    Great job Mr. Rice.

  • Thank you Mr Rice for the great initiative. To All Cacao Farmers. Please work hard and produce quality cacao and supply PFL.

  • Em kampani blong yumi. That’s what happens when we buy PNG MADE products at the local store. Support local economy to grow. Well done Mr. Rice and PFL.

  • Excellent! That’s the way forward. Well done Mr Rice for your remarkable leadership in not only contributing towards the growth of PNG’s economy but also playing a major role in easing the issue of unemployment.
    May God’s wisdom who saturates all understanding continue to be with you.

  • One very very good news in 2021 for our struggling cocoa farmers in other parts of PNG.
    A reason to start tilling the land, because to have the factory to be 20 times bigger we all should start growing again. Thank you very much Mr. Rice

  • What I really admire about Mr. Rice is that he has been campaigning about creating job for PNGs and also promoting our local products.

  • Thumbs up to Mr. Rice and the Paradise Company Limited for trusting in PNG economy despite the difficulties faced and the imminent challenges to profitability and growth.

  • Thankyou Mr. Rice people of PNG love you and bless you for taking the governments call of down steam processing . You are great, well done

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