Korean trade delegation to visit country

 A SOUTH Korean trade delegation will be in the country for the inaugural PNG–Korea Trade and Investment fair and the third Joint Energy and Resource Committee meeting between the two countries.

The mission will be headed by Korea’s Trade Industry and Energy Vice Minister Han Jin-Hyeon, accompanied by 40 high profile delegates from the government and private sector.

The meeting and trade fair will take place simultaneously on Friday.

Department of Public Enterprises acting secretary Dr Clement Waine said this was an opportunity for State-owned companies to strategically align with their Korean counterparts to leverage their expertise and experiences to grow the local businesses and to expand into resource projects together.

“There are two reasons for hosting this event – to promote business opportunities in PNG to the Korean companies and for PNG’s State-owned companies to align with their Korean counterparts,” Waine said.

“From abject poverty after the Korean War (1956) and a GDP of US$2.7 billion to a trillion dollar economy and the 12th largest in the world, this is the miracle on the Han River that PNG needs to emulate. 

“Papua New Guinea has more to learn from South Korea and the ministry and the Department of Public Enterprises and State investments have initiated this for the benefit of the two countries.”

Last week the National Petroleum and Gas Company (NPCP) granted K69,000 as the major sponsor of the trade and investment fair and the Energy and Resources Committee Meeting.

NPCP managing director Wapu Sonk said NPCP values this meeting which opens up opportunities for Papua New Guinea to tap into the business and trade intelligence of South Korea and for NPCP to explore the opportunity to see possible partnerships in the oil and gas business development.