November 25, 2015

PNG , China top trading partners, envoy says

PAPUA New Guinea has become China’s second largest trading partner and largest investment destination in the Pacific region, according to Chinese ambassador Liu Riong.
He encouraged the Chinese contractor for the construction of the multi-billion kina Pacific Marine Industry Zone to deliver a quality project, in consultation with the people and the State.
He said during the launching of the first phase of the PMIZ project in Madang, which would cost around US$95 million (K271 million), the PNG Government had made a wise decision to develop the project.
“I am pleased that PMIZ is contracted for construction through China and is funded by the EXXIM Bank of China,” he said.
“With China’s continued economic development and social progress, PNG and China will enjoy a lot more cooperation.”
The PMIZ aims to optimise the value of the country’s tuna resources through on-shore tuna processing plants.
Once fully developed, it will cater for 10 processing plants, each plant with a capacity to produce 200 metric tonnes of tuna – around 60,000 metric tonnes per year. 
China Shenyang International Technical Economic Corporation Ltd president Tang Le Zhen said over the past five years, the project had gone through “twists and turns”.
“As the general contractor, we will make scientific planning and ensure that all goals will be realised on schedule,” she said.