MINISTER for Petroleum, Hon. Jimmy Maladina, has welcomed the strong interest senior executives of China Railway Construction Corporation (CRCC) in expanding their investments in Papua New Guinea.
The Vice President of CRCC, Mr. Sun Liquang, accompanied by the General Managers of its Papua New Guinea subsidiaries, China Railway Construction Group (CRCG) and China Civil Engineering Construction Corporation (CCECC), recently met with Prime Minister Hon. James Marape and Minister Maladina to discuss investment opportunities and provide an update on the operations of the two subsidiaries in Papua New Guinea.
During the meeting, the delegation advised that while the Group has established a strong presence in the construction and real estate sectors, it is now assessing opportunities to invest into other sectors such as ship and boat building, slipway facilities, mining, and the petroleum sector.
The delegation confirmed that technical teams are currently undertaking feasibility studies and due diligence assessments before making investment decisions.
CRCC is one of the world’s largest integrated construction and engineering companies. It operates across more than 130 countries in sectors including railways, highways, bridges, tunnels, ports, airports, urban development, mining, engineering, equipment manufacturing, and real estate.
The company is publicly listed in Shanghai and Hong Kong and has a market capitalisation of approximately US$ 15 billion.Minister Maladina said the Government welcomed the Company’s growing interest in Papua New Guinea.
“We welcome CRCC’s confidence in Papua New Guinea and its interest in expanding beyond infrastructure into strategic sectors of our economy. This reflects growing international confidence in our country’s long term investment potential. “
He said Papua New Guinea continues to present significant opportunities across the petroleum, mining, maritime and infrastructure sectors under the Government’s investment and economic reform agenda.
“I encouraged the delegation to continue its feasibility work and engage closely with the relevant Government agencies. We look forward to investment proposals that create jobs, develop local industry, transfer skills, and deliver lasting economic value for Papua New Guinea. “
Minister Maladina concluded that the Government remains committed to working with credible international investors for mutual sustainable benefits going forward.