A company from South China plans to build a $4 billion cluster of industry parks providing development opportunities in West Sepik Province of Papua New Guinea (PNG). The announcement was made by the PNG Treasurer, Patrick Pruaitch, on a visit to Shenzhen in early December.
Chinese firm Vivafounder plans to build a series of processing and manufacturing plants at two industry parks over an area of more than 250,000 hectares in the far west of PNG.
The infrastructure at the first industry park will provide opportunities to develop timber processing, fisheries, agriculture such as cassava and tropical spices including eaglewood, glossy ganoderma, milk cinnamon and vanilla planifolia.
It is expected Chinese companies will be attracted to a second industry park to produce cement and other industrial products. The total value of the anticipated projects is estimated to be around $3.8 billion. Metallurgical Corporation of China, which operates the Ramu Nickel mine in PNG, is expected to be the main construction contractor.
Vivafounder is committed to sustainable development in Western PNG and working closely with local communities to ensure the success of the project.
The vision is part of the Chinese plan for a “21st Century Maritime Silk Road” all the way to the South Pacific, providing infrastructure and logistics connectivity for trade, investment and mutual development.
Vivafounder is one of many Shenzhen-based firms actively seeking investment opportunities in Papua New Guinea and the Pacific Islands region, one of the reasons Pacific Trade & Invest (PT&I) China has focused on building Shenzhen-Pacific links this year.
Vivafounder participated in PT&I China’s South China Mission in late 2015 and joined the Shenzhen delegation to PNG in early 2016, a joint initiative with PT&I China and led by the Vice-Mayor of Shenzhen. Vivafounder also participated in the recent PT&I China business roundtable in Port Moresby.
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