The National Executive Council recently approved the signing of a Memorandum of Understanding between PNG and China Enterprises Association in Papua New Guinea Inc. (CEAPNG).
Prime Minister James Marape, said the MOU is intended to provide a broad non-binding framework that captures the understanding of the PNG Government and CEAPNG with respect to cooperation in promoting and facilitating investment in specific economic sectors in PNG.
Marape said the MOU sets out the broad endeavours that the Government and CEAPNG each may perform in order to achieve the key objectives of the MOU.
The Prime Minister said specific projects that may arise out of the cooperation under this MOU will be subjected to the relevant laws.
He said these projects will be facilitated subject to separate negotiations, project agreements and the necessary approvals and processes of the PNG Government.
“Cabinet noted that the State Solicitor has issued legal clearance and has advised that it is in order for the MOU to be signed,” the Prime Minister said.
“Cabinet endorsed and approved of the Ministry of Commerce and Industry to sign the non-binding MOU with CEAPNG.”