ID :
178119
Tue, 04/26/2011 - 22:12
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https://oananews.org//node/178119
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Japan, Papua New Guinea sign investment accord
TOKYO, April 26 Kyodo -
Japan and Papua New Guinea signed Tuesday a bilateral accord that would remove obstacles to Japanese investment in the Pacific country rich in natural resources such as liquefied natural gas and copper ore.
Japanese Foreign Minister Takeaki Matsumoto and visiting Papua New Guinean Foreign, Trade and Immigration Minister Don Pomb Polye endorsed the pact, with the two expressing hope that the accord will deepen bilateral economic ties.
In a meeting with Polye following a signing ceremony of the investment treaty, Matsumoto said Tokyo will try to ratify the accord soon.
The Japanese minister also expressed gratitude for donations worth about 320 million yen offered by Papua New Guinea to support Japanese victims of the March 11 killer quake and tsunami.
The two countries launched negotiations on the investment pact last September after then Japanese Prime Minister Yukio Hatoyama and his Papua New Guinean counterpart Michael Somare reached an accord to start the talks in March last year.
During the talks, Matsumoto told Polye that Japan, which faces energy shortages due chiefly to the ongoing nuclear crisis spawned by the twin disasters, expects that Papua New Guinea will be a stable LNG supplier for Japan, according to Japanese officials.
Polye said his country will ensure that a LNG development project, in which JX Nippon Oil & Energy Corp. is involved, will run smoothly. About half of some 6.6 million tons of LNG to be produced annually from the project is scheduled to be exported to Japan, they said.
Japan and Papua New Guinea signed Tuesday a bilateral accord that would remove obstacles to Japanese investment in the Pacific country rich in natural resources such as liquefied natural gas and copper ore.
Japanese Foreign Minister Takeaki Matsumoto and visiting Papua New Guinean Foreign, Trade and Immigration Minister Don Pomb Polye endorsed the pact, with the two expressing hope that the accord will deepen bilateral economic ties.
In a meeting with Polye following a signing ceremony of the investment treaty, Matsumoto said Tokyo will try to ratify the accord soon.
The Japanese minister also expressed gratitude for donations worth about 320 million yen offered by Papua New Guinea to support Japanese victims of the March 11 killer quake and tsunami.
The two countries launched negotiations on the investment pact last September after then Japanese Prime Minister Yukio Hatoyama and his Papua New Guinean counterpart Michael Somare reached an accord to start the talks in March last year.
During the talks, Matsumoto told Polye that Japan, which faces energy shortages due chiefly to the ongoing nuclear crisis spawned by the twin disasters, expects that Papua New Guinea will be a stable LNG supplier for Japan, according to Japanese officials.
Polye said his country will ensure that a LNG development project, in which JX Nippon Oil & Energy Corp. is involved, will run smoothly. About half of some 6.6 million tons of LNG to be produced annually from the project is scheduled to be exported to Japan, they said.
