New Ireland Development Corporation ventures into K10m business agreement with Arrow Trading Limited

Sir Julius Chan (left) and NIDC chairman Christian Tarkap (right) flanked by Arrow Trading officials (Supplied: NIPG Media Unit)

New Ireland Development Corporation (NIDC) has entered into a joint venture business investment agreement worth nearly K10 million with Arrow Trading to develop and rebuild a new international standard wholesale and retail supermarket complex in Kavieng.

NIDC Chairman Mr Christian Tarkap and Arrow Trading's Zhong Weng signed the joint venture business agreement in the presence of New Ireland provincial member Sir Julius Chan and members of the Provincial Executive Council in Kavieng this week.

Mr Tarkap says the New Ireland Provincial Government business arm was delighted to venture into the new business investment and continue the partnership with Arrow Trading, which has been renting the property from NIDC for several years.

The construction of the new two-story wholesale and supermarket complex will start within the next two months when building materials arrive.

Work will commence with the dismantling of the existing structure that has been an iconic landmark of Kavieng in the wholesale and supermarket business during the colonial era before Independence of PNG.

Mr Tarkap said the New Ireland Government through its business arm remains steadfast in promoting investor confidence while partnering on beneficial business terms to generate revenue and support New Ireland's development agendas.

Under the Joint Venture shareholding arrangement, NIDC has acquired 20 percent free equity with the option to acquire an additional 10 percent while the operation and management of the business will remain with Arrow Trading.

NIDC has lowered the monthly rental of the property to K5,000 during the 18-month period of construction which will kick start the second major transformation of the business in Section 5 of Kavieng town after the ground-breaking for the Kavieng City Mall at the other end of the Section 5 land portion.

Arrow Trading has been a trusted tenant at section 5 for many years and the bid to expand and transform the wholesale and supermarket business is a sign of business confidence in the business growth outline of the New Ireland Provincial Government under its business arm, NIDC.

Sir Julius while congratulating NIDC and Arrow Trading for the partnership, said the signing re-enforces the Government's confidence in the business houses in Kavieng as they continue to provide services to the people of New Ireland.