The State Negotiating Team for the proposed Joint Venture (JV) between the State and the RD Corporation met for the first time today to commence JV negotiations. Minister for International Trade and Investment, Hon. Richard Maru met with the team to give them the overall picture of what the Government wanted from this JV negotiations and what the team had to deliver in the next three months.
“The State Negotiating Team must deliver a proposed Joint Venture Agreement between the State and RD Corporation to start a Joint Venture fishing company in Madang. They must also deliver a Benefit Sharing Agreement between the impact communities and Madang Provincial Government, and the State on how they will benefit from the development of PMIZ,” said Minister Maru.
“Their work will also include the valuation of current assets of RD Fishing at Vidar in Madang, which includes land, a wharf, a cold storage, dockyard, buildings, and the fishing boats. The State Negotiating Team has three months to deliver these,” added Minister Maru.
Chairman of the State Negotiating Team, Mr. Issaac Lupari said he was involved in many State negotiations of the past, but this was one that he was very excited about.
“If we can deliver this, it will transform our local fishing industry and secure benefits we have never enjoyed by being a rent collector all these years. This will also result in the creation of thousands of new jobs and exponential increase in revenue for the State. This is a very exciting project, and I am very humbled that I have been chosen to lead this team,” said Mr. Lupari.
Kumul Consolidated Holding Managing Director, Professor David Kavanamur said KCH was also very excited to be part of the State Negotiating Team and offered to provide free technical assistance in whatever form required to assist with the State negotiations.
