Papua New Guinea looks to be on the right track to eliminating debt by 2032 and curbing the unemployment rate, through the idea of providing incentives that will attract investors to look into the utilizing Special Economic Zones [SEZs].
Special Economic Zones [SEZs], are geographically designated areas of a country set aside for specifically targeted economic activities, supported through special arrangements and systems that are often different from those that apply in the rest of the country.
Right now, leading experts from the Japanese Development Investment company [JDI] touched down here in the capital, Port Moresby upon request of the Marape-Rosso government and will be moving around the country to conduct studies of the proposed 20 locations that are currently listed as potential SEZs.
Minister for International Trade and Investments, Richard Maru expressing great excitement, stated that all 20 locations will be going through feasibility studies to determine the feasible ones and which of these locations will be suitable for SEZ recommendation.
“They will travel the country and undertake the individual feasibility study of each individual on the list that we will provide based on interest and what the ministry believes to be potential SEZs,” the minister said.
After the studies are done, the minister will then be able to inform the Government of the outcome of the study to determine the next step they will be taking.
Dr. Shoichi Kabayashi, the leading expert in SEZ implementation and over 45 years of experience in the sector explained that should this undertaking show promising results, the country will reap many benefits.
Dr. Kabayashi added that government input is critical in the establishment of the SEZs as they will be pivotal in the process.
“In order for the SEZs to be successful, all parties involved in the negotiations must work together. This includes the Government, the private sector and all other parties involved,” Kabayashi said.
Should the potential SEZs become successful, this will create almost a million jobs thus solving the employment issue on hand.