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K2 billion China town launched in Port Moresby, Hike in PNG-China bilateral trade
10:53 pm GMT+12, 15/04/2019, Papua New Guinea

 A K2 billion (US$519 million) China town will be built in June by private investments from a Chinese consortium which will create more than 10,000 jobs and spin-off business opportunities within two years.
 
Prime Minister Peter O’Neill officiated at the ground-breaking ceremony at Five-Mile witnessed by NCD Governor Powes Parkop, Chinese Ambassador Xue Bing, the investor and contractor from Baosen International Holdings and other Chinese investors in Port Moresby.
 
O’Neill said that this project, PNG’s very own China town, would further cement the bilateral relationship with China and PNG.
 
“China and Papua New Guinea have a very strong bilateral relationship spanning well over 43 years and that relationship is continuing to strengthen as we speak today. PNG will present the Pacific in the upcoming belt and road forum in Beijing in a week’s time, and as the first country in this region to sign the Belt and Road Cooperation Agreement with China, Papua New Guinea has forged ahead in its relations with China in areas of economy, trade, investment and people to people, which has brought many tangible benefits to the people of both countries,” he said.
 
The contractors, leaders and the PNG-China business executives present said that this would not be a loan or burden on PNG government and its people.
 
They said this was China’s major business private investors with Chinese consortium which would include a total construction area of more than 270,000 square metres, of which the 170,000 square metre would include supermarkets, retail stores, restaurants, cinema and entertainment centres and public entertainment areas.
 
The other 80,000 square metres would be the modern office building which would provide the most convenient office space for all professionals and the government departments.
 
Another 70,000 square metres would be apartments and bi-lingual kingdom gardens which would give everyone a safe living environment.
 
“In this connection, I would like to especially thank the Baosen International Holding for bringing the China town to Port Moresby.
 
“When completed, I am sure it will become another landmark in the city and symbol of friendship between the two peoples and the symbol of multiculturalism of this beautiful country of PNG,” Xue said.
 
Meanwhile, China's bilateral trade with PNG, despite economic downturn, reached $US$3.62 billion, a 27 per cent increase over the last year and it was in PNG’s favour.
 
And China’s direct investment in PNG reached US$S3.04 billion, also a major increase, Chinese Ambassador Xue Bing said.
 
“In 2018, through the joint efforts of both sides, the bilateral trade volume between China and PNG reached US$3.62 billion, a 27 per cent increase over last year and it was in PNG’s favour. China’s direct investment in PNG reached US$3.04 billion, also a big increase,” Xue said.
 
“In November last year, Chinese President Xi Jinping made a successful visit to PNG, and together with PM Peter O’Neill, the two leaders announced the establishment of the Comprehensive Strategic Partnership featuring mutual respect and common development between China and PNG, which ushered in a new era of bilateral relations.
 
“According to records, the first group of Chinese arrived in this country 200 years ago. Since then, there have been many stories where the Chinese immigrants lived harmoniously with the local people, they toiled the land, supported and learned from each other and together they achieved a great success in their lives and made valuable contributions to nation building of PNG,” Xue said.

SOURCE: POST COURIER/PACNEWS


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