It is time to get to work to grow the economy of Papua New Guinea to a K200 billion economy through initiatives like the Special Economic Zone (SEZ).
That was the stern message from Prime Minister James Marape last night when launching the Special Economic Zone Foundation Policy 2025- 2032 at the APEC Haus in Port Moresby city.
The launch of this policy will result in the current SEZ Act of 2019 being repealed and a new Act will be enacted to reflect the changes in the foundation policy.
The policy defines what SEZs are and the different types of SEZs. It tells the types of industries within SEZs, and it talks about the incentives that are going to provide for investors who are located within SEZs.
The new policy also talks about the various fees that will be charged by the SEZ Authority to those who are primary locators or invested within SEZs, and those who are located within the various SEZs in the country.
Prime Minister Marape said the Special Economic Zone is not a new conversation. The initial ones include the Malahang Industrial Park in Lae city which was established somewhere in the 1990s. Since then, it has become clear that the SEZ is a potential approach to achieving economic independence and creating employment opportunities for Papua New Guineans.
“That’s why when we took office in 2019, we were directed to the point to Take Back Papua New Guinea (PNG). To grow our economy at the very earliest to a K200 billion framework, envelope in our view that was at least a best pace to sustain a population that was growing.”
PM Marape further stressed that now it’s time to get to work on the SEZs.
“I want to point all of us straight to the point, let us work and not talk. We got enough stories in the region and so I don’t think we need any more conversations. We just need to get to do the work.”
He said since 2019 when his government came into power, a lot of efforts were put in to enable a conducing environment to do business like improvements to ports and the Connect PNG program to link the rural areas to the main centers to enable movement for farmers to the markets. The beefing up of the SEZ is part of this effort.
On that note, the PM urged cooperation from all government agencies to work together to enable further developments to support the growth of business.
“Whatever you must do, you must do with haste so we grow the economy at the very earliest to a minimum K200 billion economic float that will sustain the growth of the population we have today.
We need money for roads; we need money for schools. A big economy gives affordability to any government of the day to collect from to formulate the annual fiscal budget.
Right now, SEZs must be seen in the context of trying our very best to grow our economy,” said the prime minister.
Meanwhile, present to witness the launching include the Secretary of the Department of International Trade and Investment Jacinta Warakai- Manua, representatives of business houses, foreign missions, and Members of Parliament including Mining Minister Ranbo Paita and the Leader of the Opposition and new People’s Progress Party (PPP) Leader, Douglas Tomuriesa.