ABG partners with Korea for investment opportunities
The Autonomous Bougainville Government through its business arm (BIPCL) has signed a Memorandum of Agreement with a South Korean partner for investment opportunities in Bougainville.
The MoA with South Korean partners led by Mr Geun-Su Kim, will see the establishment of a joint venture called BOU&KO Ltd, a company that will be certified as a public enterprise to facilitate investment in Bougainville out of Korea.
In 2021, the ABG Minister for Commerce, Trade & Industry Hon Patrick Nisira declared that Bougainville was ‘open for business’.
In making this announcement, Minister Nisira officially invited foreign investors to Bougainville as part of its overall economic strategy for Bougainville.
Minister Nisira said that while the ABG welcomes foreign investment, it also expects a fair share of return and participation in the form of shareholding and equity in large scale projects.
It is anticipated that this partnership will draw on the Korean international investment and technology and mobilize the domestic workforce to build infrastructure including roads, telecommunication, electricity, schools, and hospitals and also develop resources and industries.
The Toroama-Nisira government welcomes this investment into Bougainville. The investment from the private sector will be valuable to driving Bougainville’s economic growth as it continues to progress towards its political aspiration for independence.
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