Minister for International Trade and Investment, Richard Maru has had a very successful meeting with the President and Chairman of the Korea Exim Bank, Hee-Sung Yoon .
The leaders meet was on the margins of the inaugural Pacific Island Countries (PIC) Korea Leaders Summit in Seoul, Republic of Korea late last month.
Mr Maru informed chairman Yoon that PNG wants to diversify its sources of borrowing and in that regard was considering discussion with the Korea Exim Bank and an alternative source of finance that PNG can do business with.
Mr Maru expressed PNG’s desire to build a strong relationship with Korea’s Exim Bank as such relationship will allow the bank to provide funding for various development projects in PNG such as seaports , road infrastructure , and airports amongst others.
Mr Yoon said PNG has a good record with the Korean Exim Bank as it responsibly repaid its first loan for the Wewak Strom Drainage Project on time without defaulting.
Mr Maru expressed satisfaction and said this is a positive record and portrays our country’s ability to respond to credit agency’s requirements of payments of funds for important infrastructure projects.
Mr Yoon advised that the two projects now in the feasibility study stages are Wewak and Vanimo Sea Port Development and should proceed to the next phase once the feasibility studies are completed.
Mr Maru assured President and chairman Mr Yoon that they will ensure the feasibility studies are completed soon to advance to the next stage.
“Indications are very positive for possible funding from the Exim Bank of Korea for the two ports development projects.”
PNG since establishing formal diplomatic relations with Korea, never had a formal arrangement in place to facilitate Trade and investment of our products, including fish, coffee, cocoa and chocolate products.
Timber products and LNG and many others and also allow Korea investors to invest in PNG.
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