Govt, US tech firm ink deal

By LUKE KAMA
THE Government is entering into an agreement with a Silicon Valley information technology company in the United States to start a feasibility study into the creation of an economic zone for blockchain technology in Finschhafen, Morobe.
A memorandum of understanding was signed by Deputy Prime Minister and Treasurer Charles Abel and Minister for Energy, Communications and Information Technology Sam Basil and Finschhafen open MP Renbo Paita on behalf of the state and Shane Ninai on behalf of the investor, Ledge Atlas Incorporation.
Abel said this was the first of its type of investment to be introduced into the country and the Government was pleased to offer every support to the investors who were willing to take risk to invest in the country, especially by choosing a remote electorate like Finschhafen.
He said the Government was not committing anything into the investment as yet as it was at the preliminary stage and the feasibility study would be conducted at the cost of the investors.
Ninai, a young Papua New Guinean and the co-founder of Ledge Atlas based in the Silicon Valley, said this was a new investment that was aiming at creating PNG as a technology hub in the South Pacific.
He said the study was expected to take three to four months would be presented to the Government for deliberation and approval before actual investments start.