Investors keen in multi-billion kina project

 TWO investors have expressed interest in investing in the multi-billion kina Sepik Plains Economic Zone project in East Sepik, an official says. 

Trade, Commerce and Industry Minister Richard Maru said the two investors were Pacific Balanced Fund and LR Group of Israel.

Maru said representatives from the two investor companies were in the district last week to do an aerial visit of the Sepik Plains land that would house the large scale commercial agriculture projects, including oil palm, cattle, poultry, rice farming, vegetable and cocoa. 

The two investors were invited to establish a joint venture to start up a major poultry and chicken feed venture that will supply the district and East Sepik once it is fully established.

“In the next two weeks the National Government will facilitate the signing a heads of agreement between the state and a major well known international oil palm company to develop a major oil palm project in the Sepik Plain,” Maru said. 

Pacific Balanced Fund board chairman Robert Igara said leaders of East Sepik have contributed immensely to development of Papua New Guinea and it was time companies like Melanesian Trustees step in to help develop the province.

Israel’s LR Group’s Illan Weiss said agriculture in PNG could be sustainable and profitable for the company as a business and for the community.

“We will not only grow the feed in our project but we will supply seeds to locals to grow the feed themselves and sell to us. The next step of the project is to set up a hatchery where we can produce day old chicks for eggs, layers and meat. 

“The eggs and meat will be supplied to the Sepik plain oil palm project, the district, province and the country. Locals can buy day old chicks and start up poultry businesses in their backyard,” Weiss said.