O’Neill welcomes Sime Darby

 PRIME Minister Peter O’Neill has welcomed Sime Darby’s acquisition of New Britain Palm Oil as a vote of confidence in the Papua New Guinea growing economy.

“This acquisition is major boost for our agriculture sector, and the economy,” O’Neill said.

“With ongoing this stability, we are creating the kind of investment environment that will continue to attract major regional and global players to our country.

“Through its expansion plans, Sime Darby will create more jobs and spin off business opportunities for our people in Milne Bay, West New Britain and Morobe where their assets are located.”

He said with Sime Darby delisting and taken into private hands, the government was negotiating the possibility of buying 30 per cent of the company.

“We must secure a partnership arrangement that will be beneficial to our people in the long term.

“Just as we have done with our oil and gas assets, our people must also own and have a say in the development of our agriculture sector.

“Agriculture is where our future lies and the majority of our people live and participate in this sector. In Sime Darby, we have secured a partner with global experience and expertise to help us develop this sector.

“I’m pleased that they have agreed to enter out market on terms that will be beneficial to their business, and promote our national interest.