Huawei to invest in Papua New Guinea

Apr. 23, 2009 (China Knowledge) - Huawei Technologies Co Ltd, a major equipment vendor in China's telecom market, plans to invest in Papua New Guinea (PNG), a leading PNG daily reported on Wednesday, citing the Pacific island nation's Prime Minister Michael Somare.

The minister, who recently visited China, said that the telecom giant had signed a US$3-million, three-year agreement with Telikom PNG in mid-April to improve the microwave transmission system in the nation.

Huawei, which has a market share of 8% worldwide and is thought to be the world's third-largest telecom, also inked a MOU in Beijing last Wednesday with PNG's secretary of Information and Communication, Henao Iduhu, to further develop the country's e-government system, according to Somare.

Beijing New Building Materials PLC<000786> has been involved in the PNG market for many years, and has expanded its business into many cities of the nation, said the minister, adding that he would welcome more Chinese companies to invest in PNG.