Madang’s PMIZ to cost K1 billion,says Maru

INTERNATIONAL Trade and Investment Minister Richard Maru says the Pacific Marine Industrial Zone (PMIZ) in Madang will cost about K1 billion to build.
“The PMIZ will have a wharf, water and power supply systems,” he added.
Speaking at a recent event in Port Moresby, Maru said the Government would have to find capital to fund the development of PMIZ.
“This year’s budget is K70 million and next year is K50million. I will be working with the National Planning and Monitoring Department to ensure that that money is set aside.
“The investors will want security for their investments. Our priority is to build the PMIZ quickly. We have wasted a lot of time on that project. We have made some mistakes along the way as well.
“We will put together an economic model that will attract the private sector to come and partner with the Government,” he added.
Maru visited Madang in October with Papua New Guinea’s ambassador to Japan Sam Abal and Japan Development Institute (JDI) chairman Dr Shoichi Kobayashi.
Maru said during the visit that: “Our Government is enlisting them (JDI) to look at all the special economic zones in the country, evaluate which ones are most viable, and recommend to the Government, the development path we must follow to ensure that the parks are developed.”
He said the PMIZ had been on the cards for more than 10 years and “we are very keen to restart work on PMIZ”.
“If our Government is able to develop the PMIZ, it will result in the creation of 40,000 jobs in Madang. We are here to look at the possibility of turning this into a special economic zone,” he added.