The first delegation of high-profile Korean investors visited Papua New Guinea (PNG) this year to explore investment opportunities in the country.
Minister for International Trade and Investment, Richard Maru, said that this is the first visit they have had from the Koreans this year.
“Korea has transformed from being war-ravaged to a global economic powerhouse.”
The delegation includes a representative from Charmfre Inc, a leading animal welfare chicken company, the second largest Korean chicken company with a global presence, who are looking at a possibility to invest in the poultry industry in PNG.
According to Minister Maru, more than K200 million worth of chicken is imported each year to PNG due to insufficient local production, relying on expensive supplies from Lae due to additional freight costs.
He emphasized the need for major investors, like Charmfre, to establish a full poultry operation in Central Province to meet demand for meat, eggs, and chicks while also exploring exports.
He added that the project would qualify as a Special Economic Zone with incentives, noting that PNG’s 4% annual population growth and upcoming projects will keep driving demand for chicken.
“The Marape-Rosso Government is keen to replace all chicken imports and be a net exporter of chicken."
"Partnerships with countries like Korea and its leading poultry companies who own global export brands like Charmfre would be a very exciting investment prospect.”
In Minister Maru’s support, the PNG Poultry Industry Association Chairman Mr. Chris Prestwood underlined that chicken supply shortages this year were caused by mainly avian influenza outbreaks in exporting countries.
He stressed the need for government support to attract international partners, build local capacity, and reduce reliance on imports.
Prestwood added that over the next decade, more than K1.2 billion must be invested in the poultry industry to tackle malnutrition and achieve these goals.
“We have the potential. Meanwhile, our existing producers are doing wonderful job as this year, production in PNG has grown by forty percent which is tremendous.”
A Memorandum of Understanding (MoU) was the highlight of the Delegation’s visit, signed between the Ministry of International Trade and Investment and the Wonkwang University represented by the Vice President for Academic Affairs, Professor Jin-Soo Hwang, a member in the delegation.
Furthermore, Minister Maru pointed the purpose of the MoU aims to boost economic development and strengthen industrial cooperation between the two countries by working together in vocational training, talent development, trade, investment, and research on imports and exports.
“This is a start of our relationship. While they have signed an MoU with my Ministry, I will channel them to other Ministries and agencies that will be required to work with them.”
“We are hoping that as a result of this visit, they (the Korean investors) will make some investment decisions in PNG. I am extremely delighted and excited about the future,” said Minister Maru.
