Labu Special Economic Zone (SEZ) in Huon Gulf District, Morobe has a greater chance of succeeding.
This was theĀ statement from Japan Development Institute (JDI) chairman Dr. Shoichi Kobayasi.
He said Labu SEZ has a greater potential of succeeding because it will feature an important component having a sea port within the zone.
Kobayasi urged traditional landowners and important stakeholders including the district and provincial administration to work together in addressing issues which will pave the way forward to achieve the reality of the project.
JDI is currently doing inspection rounds throughout the country and will formulate a SEZ master plan to guide the national government by next year.
The Minister for International Trade and Investment Richard Maru has affirmed that Labu including other SEZ would place the country in a pathway to compete with other growing economies at an International stage.
Maru announced that PNG will anchor investors at SEZs which will set the country to challenge at the highest phase.
Anchor investors are the first foreign investors who will settle in the SEZs and spearhead developments and operate their industries.
He stated that currently there are 18 SEZs in the country and his ministry is looking at involving all the stakeholders to drive the country’s economy forward.
Landowners, District Administration and Provincial administration were all present at a meeting when JDI chairman and minister made these announcements.