The International Finance Corporation says the development of agriculture in the Markham and Ramu valleys of Papua New Guinea's Morobe Province, could mean major economic gains.
The IFC, which is part of the World Bank Group, has joined with the Australian and New Zealand aid programmes, to develop a plan for the Markham/Ramu Agricultural Growth Corridor.
This includes a development plan and investment blueprint to accelerate agricultural growth.
Oil Palm damaged by drought, Ramu Valley, Papua New Guinea, September 2015. Photo: Rebecca Robinson
The IFC said as PNG responds to the impacts of Covid-19, the development of this corridor could boost exports and investment, domestic production and trade, and employment.
At the same time it will enhance food security.
It said the agricultural transformation is a long-term project but there are a number of activities that can be realised more quickly.
These include animal protein, animal feed, fruit and vegetable production, and cocoa production.
New Zealand's deputy high commissioner in PNG Nathan Ross said his country has been supporting the agriculture and energy sectors in PNG to enable its to achieve its economic development aspirations.
He said they have linked up with the IFC to the development of the agricultural growth corridor, in recognition that private sector-led growth is a key priority for development.
