Innovative Agro Industry Limited and PBF Ago Business Limited, a subsidiary company of Pacific Balanced Fund, plans to turn Koitaki in Central Province into a Food Park under a joint venture arrangement.
PBF Agro Business has plans to start off with an egg production facility.
The Sogeri Plateau, just outside Port Moresby, will be turned into a food production hub.
According to Pacific Balanced Fund Agro Business CEO, Jerry Kootz Simon, the objective of this proposed venture is to strengthen efforts in promoting food security and investment into an asset for unit holders in Pacific Balanced Fund.
The venture will include;
- Pullet facilities
- Layer sheds
- Packaging and sorting facilities
- And a stock feed processing centre
Kootz further stated that the project will produce its own feed by integrating a scheme where communities will engage farmers to supply the grain.
This will put money back into the pockets of local farmers.
The facility will be built at a cost of K26 million, with the project expected to take 12 months to complete.