Marine industrial zone crucial to local economic growth

Business

TRADE, Commerce and Industry Minister Wera Mori says the Pacific Maritime Industrial Zone in Madang is a crucial government intervention for economic growth.
“It will be developed with a world-class wharf and enabling infrastructure that will bring enormous spin-off benefits to the communities,” he said.
“My aim is to grow the small to medium enterprises (SMEs) with more community participation which will stimulate the local and national economy.”
Mori plans a forum to gauge the views of the communities and stakeholders to define a “local content” in the PMIZ project.
“Local content of water and sanitation, energy, infrastructure and socio-economic development programmes are subtle concerns raised by the NGOs that required optimal attention in a local content,” he said.
“Though the PMIZ will be located on State land, the Madang government, Amanob LLG, Madang and Sumkar districts and the communities within the peripheries of the PMIZ will be captured to ensure equal benefits commensurate with equal participation.”
Mori said the significance of the project must be stressed.
The project will be developed on 215 hectares of land — 100ha for canneries and 115ha for residential and commercial purposes.
“The project will generate 30,000 jobs,” he said.
“Once online, the PMIZ will house 10 tuna processing plants to process tuna caught in the waters PNG and the Pacific.
“The initial financial investment decision by the Exim Bank of China was stalled by the lengthy court battle with environment NGOs in Madang resulting in the withholding of the money for the initial development of the PMIZ.
“The China Exim Bank has agreed to fund the new plan with a US$152 million (K350mil).
“The loan is concessional and can be repaid when the Pacific Maritime Industrial Zone is in operation and making returns.”

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