Photo credit: Autonomous Bougainville Government
The Autonomous Bougainville Government has signed a Memorandum of Agreement with a South Korean partner for investment prospects in Bougainville through its commercial arm (BIPCL).
The Memorandum of Understanding with South Korean partners led by Mr Geun-Su Kim will result in the formation of a joint venture called BOU&KO Ltd, which will be certified as a public entity to promote investment in Bougainville from Korea.
Bougainville was declared "open for business" by the ABG Minister of Commerce, Trade, and Industry, Hon Patrick Nisira, in 2021. Minister Nisira formally encouraged international investors to Bougainville with this declaration, which is part of the country's broader economic plan.
Minister Nisira stated that while the ABG welcomes international investment, it also demands a fair return and involvement in large-scale projects in the form of ownership and equity.
This cooperation is expected to leverage Korean international investment and technology while also mobilizing the domestic workforce to create infrastructure, including roads, telecommunications, energy, schools, and hospitals, as well as develop resources and industries.
This investment in Bougainville is welcomed by the Toroama-Nisira government. Bougainville's economic growth will be aided by private sector investment as the country moves closer to achieving its political goal of independence.
Reference: Autonomous Bougainville Government (21 January 2022). “ABG partners with Korea for investment opportunities”.
