CORPORATE PROFILE
PRL GROUP: BUILDING A SUSTAINABLE FUTURE FOR THE INDIAN OCEAN TERRITORIES By Lai Ah Hong,
Managing Director, PRL Group.
The extraordinary natural treasures found on Christmas Island and Cocos (Keeling) Islands are a spectacular part of Australia. Collectively known as the Indian Ocean Territories (IOT), the islands also tell human stories of indentured labour, shipwrecks and wartime occupation. Both communities are culturally diverse, unique and resilient, with a strong sense of community spirit and belonging. They are wonderful examples of respectful, tolerant communities of mainly Chinese, Malays and Europeans, who are all proudly Australian. There are challenges, however. Remoteness and isolation contribute to a high cost of living because food, goods and services all come from the mainland. The islands are also vulnerable PRL Group mining and environmental teams at work in the field, on Christmas Island. © PRL Group. Supplied. to extreme weather events which can severely affect shipping, air travel and freight. There are accommodation shortages, deteriorating essential PRL’s diversification and investment strategy infrastructure and limited public services. For businesses, promises a new phase of development, including there are difficulties in acquiring land for economic ecoand adventure tourism, renewable energy and development and attracting investment finance. innovative agricultural projects. PRL’s strategy is The islands’ economies, particularly Christmas informed by Commonwealth Government policies, Island, have been subject to cycles of boom and bust. particularly those arising from various inquiries and Those include the demise of the once successful Casinoreports conducted by the Joint Standing Committee on Resort in the mid-90s and the failed Asia Pacific Space the National Capital and External Territories. Those Centre a few years later. They were followed by the reports reaffirmed the strategic importance of the construction of the Immigration Detention Centre, IOTs to the nation and the need to maintain viable which opened in 2008 and now mostly holds detainees economies, capable of sustaining our communities. from the mainland and supports the ongoing operations PRL and local businesses cannot do those things of the Australian Border Force in the region. alone and need a strong and mutually beneficial The Phosphate Resources Group (PRL) was formed partnership with the Commonwealth Government. in 1990, when the community and the Union of Together, we can help transition the IOT economies Christmas Island Workers joined together to reopen the from their 120-year reliance on mining and government mine to create jobs and sustain the families who had services to one that is more diverse and sustainable, and lived there for multiple generations. which capitalises on their strategic location, proximity PRL is now a core subsidiary of CI Resources Ltd, a to South-East Asia and their unique environments, diversified industrial ASX-listed company, with business cultures and communities. interests in Christmas and Cocos (Keeling) Islands, There are positive signs. The IOTs are now Malaysia, Australia, New Zealand and Europe. The recognised by the Office of Northern Australia. The company has remained the reliable employer and major Christmas Island Strategic Assessment is underway, and economic driver of the Christmas Island economy. It there are plans to extend the Cocos Island runway. PRL delivers half of the island’s Gross Regional Product of looks forward to working with all levels of government, $90mn per annum and provides (directly and indirectly) local businesses and our community to identify half of the island’s jobs. new business opportunities which can help build a PRL has grown to become an integrated and sustainable economic future for the IOTs that preserves diversified business, with interests in mining, fertilisers, not only the national interest, but also the lives of the logistics, agri-business, energy, property and facilities people who live here. management. PRL is also heavily invested in the economic and social future of the IOTs. prlgroup.com.au
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EDITION 5 • 2022-23