Two firms given licences after passing feasibility study for SEZ

ONLY two candidates for declaration of the special economic zone status have passed the requirements of the license. These are Central Limestone SEZ and Port Moresby Paga Hill SEZ, the Special Economic Zone Authority (SEZA) said.
They have been given their licences for meeting the investors’ requirement through their feasibility study.
SEZA Chairman Varigini Badira said there were 30 steps involved in meeting the SEZA’s investor’s requirement and the process needs to be met.
He said the investor’s submissions must go through the SEZA board for approval and once that is done then the license will be issued.
Badira said for the Paga Hill and Central Limestone SEZs, the Government has already secured K1.2 billion of foreign direct investments to be invested in the zones.
“Paga Hill has been receiving benefits from the tax exemptions and we have recently signed the final agreement with the finance team so that is fully financed.
He said the Paga Hill SEZ was given the first license and they are now working on import of their materials from overseas.
Construction on Paga Hill is due to commence in June, Badira said.
He said the investors are so far doing well and they have created about 200 jobs under the two licensed SEZ investors.
“This is just the initial phase and we are looking at upskilling them.”
He said the financing agreements have been signed to have more jobs both in Paga Hill and Central Limestone SEZs.
Badira added that the Karamui SEZ in Chimbu and Ihu SEZ in Gulf were also part of the proposed SEZs but they were still waiting for their applications as there were still in their feasibility study stage.
“They are already at final stage of their feasibility study programme and we are just awaiting their applications/submissions,” he said.