PNG state negotiating team and RD group in final negotiations on fishing joint venture

Final negotiations are underway to establish a new fishing Joint Venture [JV] between the State and RD Group in Port Moresby.

RD Group Chairman, Roy Rivera and his management team arrived in Port Moresby on Monday from Manilla for this important meeting.

Minister for International Trade and Investment, Richard Maru says he wants the Framework Agreement to be finalized by Friday this week and ready for presentation to the NEC next week for consideration and approval.

“The Phase 1 of the project will be the establishment of a fishing JV between the State and RD.

“The Framework Agreement will also include Phase 2 which is the development of a new Madang Integrated Special Economic Zone [SEZ].

“The integrated SEZ will include an international wharf which will be an alternative to Lae Port to service the Highlands because of the Madang-Baiyer Road, a fuel depot for all the purse-seiners, a slipway and all the associate industries to service the fishing industry like factories for cardboard and canning.

“It will be a fully integrated SEZ modeled after Java Integrated Industrial Port Estate [JIIPE] in Indonesia,” Mr Maru said.

He says the requirement for capital could be achieved by listing this JV Company on the National Stock Exchange so provinces, especially coastal provinces, and individual Papua New Guinean and institutional investors can invest in this company, so it truly becomes a PNG-owned integrated business.