Govt looks to expand SEZ projects

INTERNATIONAL Trade and Investment Minister Richard Maru says the National Executive Council (NEC) has approved two more special economic zones (SEZ) apart from the Paga Hill SEZ and Central Limestone SEZ.
Maru said this during updates on the Government’s SEZs and on the progress of the Rigo Rice project yesterday in Port Moresby.
He said the NEC approved the Rice SEZ and Central Manufacturing Zone to be established after the SEZ Summit.
“Our focus is to deliver four SEZs this year and at the same time we want to build the capacity of the SEZ Authority as the regulator,” he said.
He said the SEZ Act was passed in 2019, there were no proper outcomes from the SEZ until the Summit was initiated last year.
“We discovered these new opportunities following the SEZ summit.
“The Ministry and the Department of International Trade and Investment started working on formulating the new SEZ foundation policy.”
He said the policy was now in its final stage to be finalised and be taken to Cabinet for approval.
“The final draft will be discussed during a one-day workshop with stakeholders in East New Britain on April, providing opportunity for public comment and input on the policy.
“We are getting the Special Economic Zones Authority on board to do presentations in all provinces and districts who want to apply for an SEZ licence,” Maru said.
He said they were interested to have more SEZs but have to ensure that proponents have the capital required and businesses are commercially viable before they can be licensed.
“We are working very hard and we are focused on making sure we deliver the policy draft and master plan by June because it is one of our key performance indicators for this year.”
Maru said as minister responsible for the National Stock Exchange, he would be looking at publicly listing the SEZ companies to allow citizens to invest in them.