Korean Embassy marks republic’s 65th anniversary

THE South Korean Embassy last week marked its 65th national day anniversary announcing a renewed commitment to its partnership with Papua New Guinea.
Ambassador Won-jun Han said this partnership had seen the two-way trade between the two countries showing remarkable growth in the past 30-plus years, having increased from US$3 million in 1976 to US$250 million last year.
“Papua New Guinea’s exports to South Korea last year stood at US$210 million, the lion’s share among the bilateral trade,” Han said. 
Economic cooperation between the two countries also made steady progress, especially in the field of infrastructure and resource development, he said, adding that South Korean companies had carried out many infrastructure and resource projects, including the Yonki dam,  Ramu hydropower station, Lae airport and port facilities and the only cement factory in PNG, as well as several highways.
“An ongoing project was the Kanudi Hanjung power station, which provides more than 30% of the total electricity for Port Moresby and its surrounds.
“This power plant will be transferred to the PNG authorities concerned accordingly in 2014,” Han said.
“It is very encouraging that more and more South Korean companies have in recent years shown interest in Papua New Guinea. Among them is Changhae Tapioka Ltd, which runs the sustainable cassava ethanol plantation project in Central.
 “With PNG’s first LNG project entering the construction stage, additional Korean business entities will explore ways to promote economic relations with PNG.
“Furthermore, there is a possibility that we may play an important role in future LNG projects in PNG, including the introduction of the LNG floating production storage and offloading technology. 
 “In 2010 alone, Papua New Guineans have been invited to be trained in various courses including economic development strategy, crime prevention and criminal justice, and skill development in information communication technology.
“In addition, two Papua New Guineans received full South Korean government scholarships for a master’s and a doctoral degree,” the ambassador said.
Han said the second phase of the Wewak storm-water drainage project was also expected to be implemented in the near future following the first phase already completed following the Korean government’s long-term and soft loan of more than US$12 million.
“In keeping with this membership, it has embarked on a mid-term plan to triple its ODA budget over the five years to US$3 billion despite tight financial constraint,” Han said.
“It is a source of satisfaction that both countries have maintained excellent relations in the international fora, including the United Nations and the Asia Pacific Economic Cooperation Forum as well as the Pacific Islands Forum.”
Last January, South Korea formally joined the development assistance committee (OECD), transforming itself from an aid recipient to a donor country, which is the first in the world.