Tuesday, 10th June 2025
Development of Buin Market in South Bougainville is now officially underway following the signing of a project contract agreement between the Government of Papua New Guinea and contractor KPT Engineering Ltd.
At a formal signing ceremony at Government House, His Excellency Grand Chief Sir Bob Bofeng Dadae, Governor General of Papua New Guinea, executed the contract on behalf of the State.
Secretary for the Department of Works and Highways, Mr. Gibson Holemba, signed on behalf of the government, while Mr. Charles Sim represented KPT Engineering Ltd.
The National Executive Council (NEC) awarded the contract to KPT Engineering Ltd for the construction of the new market, with a total contract value of K12,803,911.99, inclusive of GST.
The project is fully funded by the South Bougainville District Development Authority (DDA) and is expected to be completed within one year from commencement.
KPT Engineering Company representatives Charles Jachwa and Acezel Lauc also signed the agreement, witnessed by the Governor General, Secretary Holemba, and a delegation from the South Bougainville DDA.
Speaking at the signing event, Secretary Holemba commended Minister for ICT and Member for South Bougainville, Hon. Timothy Masiu, for his commitment to realizing the project. He emphasized the market’s significance as a key trade hub, particularly for commercial exchanges with the Solomon Islands.
“As part of the Medium-Term Development Plan IV, today we witness the signing of the Buin International Market contract—a strategic investment that complements ongoing road infrastructure projects across Bougainville,” said Mr. Holemba.
He further highlighted that government-led road infrastructure alone does not generate revenue, stressing the importance of investments in social infrastructure—such as markets, fisheries, and agriculture—to create economic returns on road developments.
The new Buin Market is expected to enhance trading opportunities for local businesses, strengthen regional commerce, and contribute to the economic growth of the Autonomous Region of Bougainville.
Some Pictures of the Signing:
