Economic zones to boost economy, says Minister


NEW Finance and Rural Development Minister Rainbo Paita believes the setting up of the special economic zone authority is the way of the future for PNG as it will help build the economy.
Paita said the authority would start with mapping out and planning free trade zones and free ports in and around the country.
“I believe that this is a way forward for the country.
“It will help to open Papua New Guinea to the world.”
“Already, there are over 5,000 Special Economic Zones around the world, so we will start implementing the Special Economic Zone Authority early next year,” he said.
Paita thanked Cabinet for allocating K60million for the Special Economic Zone Authority, passed recently in Parliament as a Bill.
He said the zone would not only generate more economic activities but also help to promote exports of local goods and services, investments from both domestic and international sources, create employment and develop infrastructures.
“This project is a project that is close to my heart and I am very thankful for the tremendous support the Government has given to it.
“I will make sure to see that it is implemented successfully as I believe this is the way forward.
“It will help to build the economy of the country and we look forward to start implementing next year.”

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