The newly established Ministry of International Trade and Investment is looking at prioritizing Special Economic Zone (SEZ) activities to stabilize the country’s economy.
Minister Richard Maru said under his leadership, he is looking at offering best incentives to attract investors who can drive SEZ activities.
Maru said he is also focusing on involve important stakeholders like landowners, districts and provincial administrations who would work together to ensure SEZs run smoothly.
He said first time foreign investors will be given best incentives and anchored at the SEZ to spearhead developments to operate their industries.
Maru stated that this will help boost the economy of this country.
He said SEZ should lead other sectors like mining, logging and fisheries to help address the weak currency and unemployment issues hitting the country.
He further stated that the country has been over relaying on mining and extractive industries for years which are not sustainable for the longer run.
PNG’s unemployment rate is reported to be at 85 percent and growing.
Minister Maru has affirmed that with SEZ activities, PNG would be able to address some of these issues.