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Toroama Praises Tonolei Effort

Investing into key economic sectors, agriculture, fisheries, forestry will promote participatory development through creation of more quality jobs and increase revenue and broaden the tax base in Bougainville. 

The ABG through the Departments of Economic Development, Primary Industries and Mineral Energy Resources is already developing plans to initiate large to medium scale projects as well as looking at supporting SME’s that will directly earn revenue for Bougainville.

With the lack of capacity for resource development the ABG welcomes foreign investment into Bougainville that can provide technological and financial support to exploit Bougainville’s natural resources.

However, foreign investment must be done responsibly. The Bougainville Inward Investment Act 2014 presides over any and all foreign investment into Bougainville.

It encourages all parties to abide by the laws on foreign investment, land management, environmental management and equal benefit sharing on all economic development projects on Bougainville.

In the same light President Ishmael Toroama has commended the Tonolei Traditional Landowners for signing a Memorandum of Understanding with the ABG.

The resource owners of Tonolei Timber Development Project reaffirmed their desire to work together with the ABG in areas of mutual interest through the MOU to achieve the level of preparatory work required for its only established legal business entity Tonolei Development Corporation, to begin its operations.

The land comprises of a total area of 47742 km2 within the Konnou and Kokoda constituencies of Buin and Kieta Districts.

“The vision of my government is guided by the six strategies that I mentioned in my inaugural statement,” he said.

“Economic Growth and Control is my second strategy and the signing of this MOU is a sure sign that both the government and our people are ready to embrace and progress positive change on Bougainville through economic development,” President Toroama added.

“Together we will move Bougainville forward; socially, economically and politically as we prepare for Bougainville’s ultimate political destiny; independence,” President Toroama said.

The Tonolei development is the second project initiated by the Toroama led ABG, the first was the Manetai Limestone project and the third will be the Bana Special Economic Zone.

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