Dept seeking to attract more foreign investors

Business

FREE trade zones, industrial parks and special economic zones are being planned around the country to attract foreign investments, says Minister for Commerce and Industry Wera Mori.
It is part of a plan by the department to grow the economy away from the extractive resource sector.
Mori said the regulatory framework would see the development of large scale impact projects such as free trade zones, special economic zones and industrial parks.
“These projects are essential to attract foreign direct investment, create jobs and improve the lives of citizens. A number of provinces have shown interest and we have received overwhelming support from landowners, provincial and district administrations as an economic tool for their benefits,” he said. “A draft submission is currently being circulated for consultation with government agencies.
“We hope to get this done before the end of next month.”
Mori said the department was moving ahead with the development of the Pacific Marine Industrial Zone in Madang which the State had already spent K30 million on.
He said almost 90 per cent of the work had been completed to construct a modern industrial gate to the project site.
The department has engaged a contractor to clear the area for the completion of Cadastral survey and valuation plans.
“The fuel farm and waste treatment plant will be built by a private investor within the zone.”

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