PMIZ delay due to lack of business case: Dept

THE delay of the Pacific Marine Industrial Zone (PMIZ) project in Madang was a result of not having a business case in place, according to the Department of Commerce and Industry.
Acting secretary Joseph Vutliu told The National yesterday that a business case would have attracted investors to develop the project but that was not done earlier.
He said they met with a technical team from the China Exim Bank on Monday, who were conducting their own assessment and valuing of the project and how they could assist with the loan of US$156 million (K517 million) that would get the project off the ground.
“The money that we are trying to borrow from the Exim Bank will cater for two wharves,” Vutliu said.
“One will be for storage and the other one will be for vessels to come and offload their catch. At the moment we already have 10 allotments which we’ve already got the title to.
“We believe it (project) will take off.”
Vutliu said PMIZ would have six canneries in the country that would attract investors.
“We are already having access to the European market,” he said.
“Through that arrangement, people who will be investing in PMIZ will also have access to the European markets.”
Vutliu said the project would get off the ground once they acquired the money from the Exim Bank, hopefully by the end of this year or early next year.
He said the PMIZ project was a major one and was coordinated by the Department of Commerce and Industry.