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Madang industrial zone project tranferred as Mori calls for calm after ruling

Business

THE Pacific Marine Industrial Zone project in Madang now comes under the Department of Trade, Commerce and Industry, according to Minister Wera Mori, pictured.
He said the project was transferred to the department from Kumul Consolidated Holdings last week through a National Executive Council decision.
He called on investors not to lose confidence in one of Papua New Guinea’s major investment projects in the wake of a National Court decision last week ordering the state to pay compensation to landowners in the project impact areas in Madang.
He said the state would be appealing the decision handed down by Justice David Cannings in the National Court last week.
“I am calling on investors not to lose confidence but continue to invest and partner with the Government in the Pacific Marine Industrial Zone  project,” Mori said.
He said the department was working on getting the project off the ground.
“In the past, things have been done on an ad hoc basis.
“Now we are putting everything together.
“We are synchronising it so it becomes a project as it should be.”
He said the project would cost US$156 million (K488.15 million).
“All the designs have already been done and that we are looking at the business plan of the project. Survey work has been done.”
Meanwhile, Mori said compensation settlement was becoming an industry of its own in the country.

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