The business arm of the Papua New Guinea Forest Authority, PNG Diwai Holdings Limited, was officially launched last Friday at APEC Haus in Port Moresby.
Government leaders, provincial representatives, and investors attended the ceremony.
Acting Managing Director of the Papua New Guinea Forest Authority, John Mosoro, described the new entity as a “unique company” tasked with managing the country’s forest resources and serving as the State’s marketing agency for forestry products.
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Dignitaries present at the launch included Forestry Minister Salio Waipo, International Trade and Investment Minister Richard Maru, Western Province Governor Taboi Awi Yoto, representatives from DED Global, senior government officials, and executives from Kumul Holdings, including David Kavanamur.
Mr. Mosoro said the establishment of PNG Diwai Holdings Limited was driven by the vision of Prime Minister James Marape, Deputy Prime Minister John Rosso, and the Forestry Minister, who supported the creation of a state marketing agency under the Forestry Act.
He said the concept was initiated in 2021 and took nearly three years to complete, despite limited government funding support during its development phase.
Mr. Mosoro confirmed that the company now has an approved trust account through the Department of Finance, enabling it to operate officially as a state-owned company with the Government as the sole shareholder.
He said PNG Diwai Holdings Limited will serve as the main vehicle for marketing and exporting logs and downstream forest products in the country.
The company plans to establish four log pond and downstream processing facilities across Papua New Guinea, starting with Vanimo in West Sepik Province, followed by planned sites in Central Province, Morobe Province, and East New Britain Province.
Mr. Mosoro said the Government is now pushing for 100 percent downstream processing in forestry projects to ensure greater economic benefits remain in the country.
“PNG Diwai Holdings Limited is for the people of this country, especially the resource owners,” he said.
He explained that the company will work closely with landowners and investors to ensure forest resources generate improved returns through timber processing, carbon trading, biofuel projects, and other nature-based investments.
He also said landowners will have opportunities to participate in equity arrangements and future investments linked to forestry developments.
He thanked the Prime Minister, Cabinet, the Forestry Minister, and members of the National Forest Board for their support in establishing the company.
He also paid tribute to the late Grand Chief Michael Somare, saying his vision for forestry development and Forest Management Areas helped shape the direction of the new company.
MD Mosoro said the launch of PNG Diwai Holdings Limited marks the beginning of a new era for the forestry sector and resource owners throughout Papua New Guinea.