Industrial development vital: MP

Industrial development is very important for Papua New Guinea’s economic aspirations, Commerce and Industry Minister Wera Mori says.
He said this during talks with Orognaron Incorporated Land Group of Gabsongkec village and Mopong Business Group of Yalu village on Friday.
Orognaron ILG has provided 200ha of land at Nadzab while the Mopong group provided 100ha for industrial parks. Mori said creating economic zones was part of a major drive by the Government of Prime Minister Peter O’Neill, with one being the Lae Twin Industrial Park.
“I am so thankful that two major clans that have title to State leases have agreed to enter into a partnership to create and build an industrial park here in Morobe,” he said.
“The 300ha will be earmarked for the industrial developments, with Nadzab providing 200ha and Yalu 100ha. We want to invite manufacturing companies right around the world to come and invest here in PNG.”
Mori said the country was relying too heavily on extractive industries.
“The recent earthquake and tremors have greatly affected our revenue base,” he said.
“We are now left with no option but go into diversification.
“One of the diversifications is agriculture and the other is manufacturing base.” Mori said his ministry was creating special purpose economic zones such as the Sepik Plains for agriculture, and Pacific Marine Industrial Zone in Madang to can tuna and be an industrial park.
“Now is the opportune time for PNG to seriously look at creating industrial parks and build a hub of manufacturing,” he said.
“We are ideally located as the gateway to Asia from the Pacific and vice-versa.
“Our kina is weaker and is sliding against major currencies like the US dollars, Australian dollar, Singapore dollar, Japanese Yen and Chinese Renminbi.
“Having a weak currency means that our cost of production is cheaper,” he said.
“Therefore, now is the time to grow the manufacturing industries, whether it be garment industries, car manufacturing, electronic equipment or anything at all.”