KOREAN-operated Kanudi Hanjung Power Ltd in Port Moresby will be transferred to relevant Papua New Guinea authorities when its contract with PNG Power ends by 2014.
The power plant provides almost 30% of the total electricity to consumers in Port Moresby and its surrounding areas, under the deal with PNG power.
Changhae Tapioka Ltd, which runs a large-scale cassava plantation project, with the view of producing ethanol in the near future, are just two of many economic success stories which South Korea has been engaged in for the last three decades since signing diplomatic ties in 1976 with PNG.
Thirty years later, economic and infrastructural projects are still ongoing.
Some of these include the construction of the Yonki dam and Lae’s Nadzab Airport and roads, and the recent US$12 million (K32.92 million) long-term Wewak stormwater drainage project, still in its first phase.
South Korea and PNG also share relationships in trade, politics, development and fisheries, as well as international memberships to the United Nations and the Asia Pacific Economic Cooperation (Apec) among others.
According to the South Korean embassy, it is encouraging that the number of Korean businesses showing an interest in investment relations in PNG is growing.
With the commencement of the LNG project, additional Korean business entities are exploring ways to promote economic relations with PNG.
As a result, a 70% growth in trade between the two countries was witnessed last year, with PNG’s exports making US$230 million (K631 million), and bringing the total of South Korea’s investments in PNG to an estimated US$200 million (K548.6 million).
As a development partner, South Korea hopes to share its development expertise, experience and assist with technical assistance focusing on human resource development with PNG.