Focus on building food sector

THE biggest investment by Nambawan Super Ltd (NSL) in the food sector is through Paradise Company Ltd, says Paradise group board chairman Anthony Smare.
Smare said the superfund believed in the growth of the sector that the company was engaged in.
“The reason why Nambawan Super made that investment was that it believed in the roles that food plays in the growth of this country,” he said.
Smare made the statement during the opening of a K2.2 million office complex for Laga Industries Ltd in Lae on Monday (story and pictures on P42).
Laga Industries is part of the Paradise Group.
He said Laga Industries, in the past four years, had spent a lot on building facilities to increase production.
It plans to build a new biscuit line factory soon.
“We are spending a lot of money in Lae because it is the manufacturing province and the location is central to the rest of the country,” he said.
Smare said the impacts of the Coronavirus (Covid-19) had made it difficult to source raw materials from outside the country, plus foreign currency.
“That is why a lot of the manufacturing companies in the country are looking at import replacement,” he said.
“This is what we are also looking at now.
“This will also create jobs for people.”
who will then pay taxed to boost the economy of the country as well.”