ABG district’s economic zone to empower people

The National Business

THE people of Bana in Bougainville, have taken the first step in creating a revenue generating stream for the autonomous region through the launching of the Bana special economic zone (BSEZ).
The launching was for the incorporated land groups (ILGs), voluntary land registration and social mapping for the zone.
According to a statement, the project intends to create development by tapping into agriculture, fisheries and tourism industries and create economic opportunities for Bougainville by attracting investments to the economic zone.
In the foreseeable future, the special economic zone benefits for Bana and Bougainville are expected to generate:

  • Increased trade balance;
  • Employment oppotunity;
  • Increased investments; and,
  • Allow Bougainville to trade at a globally competitive level.

The project is an initiative of the people and leaders of Bana in its three constituencies (Bolave, Lato and Baba) who want to increase development and stimulate economic activities in the district.
The creation of the Bana development initiative is the steering committee of the project.
The business development initiative decided to establish the Bana free trade zone under the PNG Free Trade Zone Act 2000 which had been repealed and replaced by the Papua New Guinea Special Economic Zone Act by the Marape-led government.
The completion of the landowner group registration would enable people to hold, dispose and manage their lands to facilitate investment.
President Ishmael Toroama launched the project at Mamarego Primary School in Baba, South Bougainville.