PNG, China enjoying K12bil trade

TRADE between Papua New Guinea and China has reached US$3.62 billion (K12bil) annually while China’s direct investment in PNG has grown to US$3.04 billion (K10bil).
Speaking at the launch of the Chinatown project in Port Moresby on Monday, Chinese Ambassador Xu Bing said the investment by Baosen International Holdings Limited was the largest single investment by any private Chinese company in the country.
Xu said that in November last year, when Chinese President Xi Jinping was in Port Moresby for the Apec summit and state visit, he and Prime Minister Peter O’Neill announced the establishment of a strategic partnership, featuring mutual respect for common development and enforcing bilateral relations in the areas of the economy, trade, investment, and people.
He said the bilateral trade volume between PNG and China was at US$3.62 billion, a 27 per cent increase and in favour of PNG, while China’s direct investment in PNG had reached US$3.04 billion.
The relationship between PNG and China went back as far as the 1880s when the first Chinese labourers arrived in PNG as indentured workers brought in by the German New Guinea Company (GNGC) to work on coconut and tobacco plantations.
In 1898, the German government formally took over the administration of the territory from GNGC, and promoted free immigration instead of indentured labour.
As a result, carpenters, shipbuilders, engineers, tailors, and shopkeepers flowed into the territory and spread out to towns like Rabaul, Kokopo, Kavieng, Lae and Madang, Xu said.
From a population of 200 in 1890, the Chinese community grew to 1427 by 1913. Of those, just 101 were women.
Xu said that over the years Chinese immigrants have lived harmoniously with the local people, supporting and learning from each other, and together leading successful lives and contributing to nation building.
“Now there are about 20,000 Chinese nationals living and working in PNG, making significant contributions to the development and progress of this nation,” he said.
“In the city, there many Chinese restaurants selling authentic Chinese food and recipes, selling Chinese food and products.
“In February, prime minister hosted a dinner during the Chinese New Year and these have made the Chinese culture become part of the local Melanesian culture, making it more colourful and beautiful.
“I’d like to especially thank Baosen International Holdings Limited for investing in Port Moresby. Once completed, I’m sure this building would become another landmark, a symbol of friendship between two people, and a symbol of multiculturalism of this beautiful country of PNG.”