SOUTH KOREAN COMPANY EYES PNG TIMBER YARDS

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PORT MORESBY, Papua New Guinea (PNG Post-Courier, June 27) - Representatives of a South Korean company last week visited timber yards in Lae City with an intention to set up a major timber processing company.

[PIR editor’s note: Lae is the second largest city in Papua New Guinea, following Port Moresby, and is located in Morobe province, bordered by Madang province on PNG’s north coast. ]

Paradise Yoolim chairman Mr. Yoo Lim said the one-day tour was educational as it gave them an idea of the city’s potential and its nearness to the resources. He said Papua New Guinea had a lot to offer to the outside world and urged the leaders to work closely to establish contact and market for the people to sell their resources.

"We are pleased that the Governor of Morobe, Luther Wenge invited us to invest in his province and we will be making a presentation to our potential partners in South Korea of the potential of Morobe province," Lim said.

He also said his company would look at creating down stream processing facilities in Lae including plywood mill. There is a great demand for tropical timbers in the overseas market including South Korea, China, the United States, Europe, Middle East, which Papua New Guinea can supply.

Lim said South Korea, with its developed technology and economy, could help the country to progress which unlike other countries were only interested in reaping off PNG’s resources.

Paradise Yoolim will also link other investors from South Korea in petroleum, gas, mining, fishing and other agro-industries to participate in the development of the country. He said that Koreans were interested to work as partners on an equal footing and not that of "master-laborer" relationship.

"We Koreans would like to work in close partnership and establish that good understanding with our people and the people of this country," Yoo said. The Koreans plan to return to Lae by the end of this month. They want to buy some major business in the city.

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