China’s State Councilor and Foreign Minister, H.E Wang Yi during his visit to the country and amid bilateral meetings has announced China’s commitment to fund the Ihu Special Economic Zone (ISEZ) in Gulf Province.
H.E Wang Yi arrived last Thursday to hold bilateral talks with PNG counterpart-Minister for Foreign Affairs and International Trade, Soroi Eoe.
He also witnessed the signing of a Memorandum of Understanding to promote investment cooperation in Green Development between PNG and the People’s Republic of China.
Last Friday, the close dialogue with Minister Eoe resulted in a fruitful result for the Ihu economic project, where China committed to fund the Ihu SEZ infrastructural development and bring in early investment.
“The Bilateral meeting held was very important one for our project, Ihu SEZ. China’s commitment is the biggest and most important impact statement for the ISEZ and our partnership,” said ISEZ Project Director, Peter Kengemar.
The commitment is an additional boost to the earlier funding from the Chinese Government Grant of K80 million for major access road for ISEZ project to kick-start.
The Chinese Government also made financial commitments for several development projects during a recent trip to Ihu.
While the ISEZ project is in its infant stage, three Chinese state-owned enterprises, China Harbor Engineering Company, PowerChina and China Steel CSCEC have signed MOU to assist in providing technical support to the project.
“The ISEZ Team is committed as always to ensure we continue to meet our project timelines,” said Mr Kengemar.
He thanked Minister Eoe and the Foreign Affairs and International Trade staff for organizing an important meeting that ended on a high note.
Mr Kengemar also applauded the Chinese Ambassador to PNG, H.E Zeng Fanhua and the Senior Diplomatic Officers at the Embassy for driving a positive meet.