Photo credit: ABG - President Toroama and Steamships MD
By agreeing to comply with the rules of the Autonomous Bougainville Government on inbound investment, Steamships Trading Company has taken the first step toward regaining its previous properties in Bougainville.
Before the firm returns to Bougainville, Managing Director Rupert Bray went in Toniva, Central Bougainville, to break ground and perform traditional duties with the landowners.
Mr. Bray thanked the Autonomous Bougainville Government and the Bougainville people on behalf of the corporation.
“Steamships is grateful for the confidence the ABG has in us by allowing the company to reclaim the lands we leased before the Bougainville Crisis,” Mr Bray said.
He stated that the firm has a long history with Bougainville, which he hopes to maintain.
Also present during the occasion was President Ishmael Toroama, who conveyed his thanks to the Steamships Trading Company.
“Your confidence in my government gives confidence to other would-be investors and companies who are interested in conducting business on Bougainville,” President Toroama said.
“It signifies that Bougainville has returned to normalcy and we have a conducive business environment that is ready to exploit the various investment opportunities on our resource-rich islands,” President Toroama added.
There were several prominent firms located on Bougainville prior to the Bougainville Crisis. As seen by the Steamships Trading Company's relocation, several of these corporations have rights to leased land on Bougainville.
President Toroama stated that the ABG would issue a notice to these enterprises inviting them to return to Bougainville to reclaim their lease holdings if they so want.
According to him, this invitation will be open for just six months, and leases will be for only 25 years with the opportunity to extend under new conditions of the agreement with the ABG.
“l wish to thank the Managing Director of the Steamships Trading Company Mr. Rupert Bray for your confidence in Bougainville,” President Toroama said.
“I believe you will be an important partner to Bougainville as we draw to a close our journey to self-determination and begin the new one as an independent nation,” President Toroama added.
Reference: Autonomous Bougainville Government (16 February 2022). “ABG welcomes Steamships back to Bougainville”.
