Govt has plans to build more infrastructure for SEZs: Maru

GOVERNMENT has plans to build more infrastructure for failed special economic zones (SEZs) such as Pacific Marine Industrial Zone (PMIZ) project in Madang.
This was according to International Trade and Investment Minister Richard Maru in Lae on Monday that the existing SEZs required more infrastructure to attract investors.
“Failed economic zones are Malahang Industrial Park, Konebada Petroleum Park, Rabaul Industrial Park, Vanimo Free Trade Zone and Madang’s PMIZ.
In a recent announcement in Port Moresby, Maru said the Government has issued new policy directions for Special Economic Zones (SEZs) in Papua New Guinea (PNG) to give first priority to PNG investors.
“We are also looking at similar companies to be also created for other Special Economic Zones right across the country so Papua New Guineans can maximise the benefits of investment opportunities in our country. We want more Papua New Guinean equity and we can do that through the special purpose vehicle which is a listed PNG company created specifically to be an investment vehicle for Papua New Guineans in the Special Economic Zones.”
This week, he told the gathering in Lae that “We are looking for both foreign companies and local companies to build special economic zones.”
He added that SEZ’s is basically an area of land either a province or a 200 hectares of land and being owned by the government, private sector or joined with government sectors.
“SEZ’s are basically modelled to attract investors and investors will create jobs, produce goods for export, produce goods to replace imports and provide an investment friendly environment.
Since the SEZ Summit last year until now, the policy will be finalized by the end of June and presented to the Cabinet for approval.
Maru also noted the challenges facing Special Economic Zone projects in PNG yesterday in Lae.
He said the main obstacle in the country was Land Mobilization and landowner engagement.
He urged landowners to be involved in order for them to understand the significance of the SEZ’s.
Other challenges mentioned were; Critical SEZ enablers infrastructure such as water, power, road and communications, finding the right investors both local and foreign, developing regulators, and enlisting leaders and provinces to drive SEZ’s.
Maru said that SEZ is the future and will address issues such as high cost of leaving, unemployment and ensure positive economic growth for the country.