Governor Chan Welcomes NIDC's Investment Drive as Corporation Pursues New Partnerships for New Ireland
New Ireland Governor Byron Chan has welcomed the New Ireland Development Corporation's (NIDC) latest efforts to attract strategic investment into the province, saying the corporation is beginning to deliver on its renewed mandate of driving economic growth, creating employment and unlocking commercial opportunities for the people of New Ireland.
New Ireland Governor Byron Chan has welcomed the New Ireland Development Corporation’s (NIDC) latest efforts to attract strategic investment into the province, saying the corporation is beginning to deliver on its renewed mandate of driving economic growth, creating employment and unlocking commercial opportunities for the people of New Ireland. The Governor’s comments follow a series of high-level engagements in Port Moresby led by NIDC Managing Director, Christian Tarkap, who has embarked on an aggressive investment and partnership campaign since assuming office. Accompanied by the Governor in some of the meetings, Tarkap met with the country director for Asian Development Bank, National Fisheries Authority and the nanagement of Credit Corporation to explore investment opportunities and establish strategic partnerships that will support NIDC’s long-term development agenda. Governor Chan said the engagements demonstrate that NIDC has shifted from planning to actively pursuing investment opportunities that will benefit communities across the province. “This is exactly the direction we want our provincial investment arm to take. NIDC must be visible, proactive and constantly seeking opportunities that will bring investment, create employment and stimulate economic activity throughout New Ireland. ”“Our Government is committed to building a stronger provincial economy, and that means establishing meaningful partnerships with credible investors who share our vision for sustainable development. ”Tarkap said the primary objective of the Port Moresby meetings was to establish a robust partnership framework that aligns the financial capabilities of potential investors with NIDC’s mission of driving sustainable economic development in New Ireland. “The discussions centred on how we can work collaboratively to support the corporation’s investment drive. We were honoured to meet with high-profile representatives from key government departments and the private sector. The dialogue was productive, fostering a shared vision for New Ireland’s future and establishing a pathway for projects that will benefit our people,” Tarkap said. Governor Chan said the progress being made by NIDC reflects the reforms introduced by the Chan-Kolivos Government following the appointment of a new Board and management earlier this year. The Provincial Executive Council moved quickly to restructure the corporation with a clear mandate to restore confidence, improve governance and reposition NIDC as the province’s principal commercial investment vehicle. Since its re-establishment under the new leadership, the corporation has commenced work on rebuilding investor confidence, strengthening corporate governance and identifying commercial opportunities capable of generating long-term revenue for the province. Among its early priorities has been the establishment of a Technical Project Working Committee comprising experienced professionals from the agriculture and fisheries sectors, together with technical advisers from Kokonas Indastri Koporesen and the Coffee Industry Corporation. The committee is tasked with developing projects that will directly benefit farmers and rural communities across New Ireland’s ten Local Level Governments. The corporation is also progressing several investment proposals endorsed by the Provincial Executive Council, including the proposed Malagan International Five-Star Hotel, the Arrow Trading three-storey retail and supermarket complex, the Section 5 Commercial Shopping Mall and a Joint Venture Fishing Project. Governor Chan said these initiatives represent the beginning of a broader economic strategy aimed at creating jobs, supporting local businesses and increasing provincial revenue. “NIDC was never intended to be a passive organisation. It was established to become the commercial engine of New Ireland, identifying opportunities, attracting investment and creating wealth that benefits our people. ”“We are now seeing that vision come back to life. The work being undertaken by the Board and management is laying the foundation for long-term economic growth and greater financial independence for our province. ”Governor Chan said the corporation’s responsibility extends beyond major commercial developments. Through its nine subsidiary companies, NIDC has a mandate to promote investment and economic participation throughout all ten Local Level Governments, ensuring that development reaches both urban centres and rural communities. He said the Provincial Government expects the corporation to continue exploring opportunities in agriculture, fisheries, tourism, property development, manufacturing and downstream processing while supporting local entrepreneurs and small businesses. “Economic development must benefit everyone. Whether you live in Kavieng, Namatanai or one of our island communities, every New Irelander should have the opportunity to participate in and benefit from economic growth. ”Governor Chan says attracting responsible investment remains one of the pillars of the Chan-Kolivos Government’s development agenda. Since returning to office, the Provincial Government has restored tertiary education subsidies, strengthened support for women entrepreneurs through the Empowering Mama Bilas Peles Program, pursued international education partnerships in the Philippines, continued preparations for greater provincial autonomy and repositioned NIDC to lead commercial development. The Governor said these initiatives are all part of a coordinated strategy. “Our vision is clear. We want New Ireland to become a province where investment is welcomed, businesses can grow, jobs are created and our people have greater opportunities to prosper. ”“The work NIDC is undertaking today is an investment in tomorrow. By building strong partnerships now, we are creating the foundation for a more resilient and prosperous New Ireland. ”NIDC reaffirmed its commitment to working with government, investors and development partners to deliver sustainable commercial projects that create employment, generate provincial revenue and contribute to the long-term economic development of New Ireland Province.