Minister offers investment advice for PMIZ landowners

 By DOROTHY MARK

PEOPLE in the impacted areas of the Pacific Marine Industrial Zone project in Madang have been told to buy shares and form only one landowner company.

Minister for Commerce, Trade and Industry Richard Maru said it would allow for the fair distribution of benefits and avoid the misappropriation of funds.

He told them at meetings held in Kananam, Rempi and Baiteta villages that a government team had visited China’s Exim Bank to obtain a “frozen” loan of US$74 million so that the project could start as soon as possible.

He said people living in the project-impact areas should participate in development benefit-sharing and should form one umbrella company to manage all benefits. He encouraged people to buy shares through their landowner companies which would be managed by the mother company.

The umbrella company will become a major shareholder with the Government and Madang provincial government.

Maru said this system of benefit-sharing would ensure that everyone regardless of status or gender would benefit equally.

He said the project site was given to the Catholic Mission by their forefathers who then passed it on to RD Fishing. The Government bought it off RD Fishing for K4 million.

 “The current government is a responsible government that is why we are here to include you in the benefit sharing of this project,” Maru said.