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SEZ SUMMIT TO COMMENCE NEXT WEEK

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The first ever Special Economic Zone summit is set to commence in Port Moresby next week, with more sponsors coming on board to support the event.

Last Friday the Ihu Special Economic Zone and the Department of National Planning and Monitoring came on board as Gold Sponsors, with cheques of K100 000 each, presented to the Minister for International Trade and Investment Richard Maru.

Vice minister for National Planning James Nomane said the Special Economic zone concept has been here for over 50 years, and it has proved to be a success in many countries.

The Ihu Special Economic Zone was established in 2017, in Kikori, Gulf Province.

Kikori MP Soroi Eoe said the discussions in this summit is vitally important as we can learn from the experience of others who have gone down this path.

Receiving the Cheques, Minister Maru thanked the government and sponsors for the overwhelming support given at a cost of K1.5 million to host the SEZ summit.

The Sponsors of the event include, Platinum sponsors: Special Economic Zone Authority and Ministry of International Trade and Investment.

Gold Sponsors: Department of National Planning and Monitoring, Ihu SEZ, Kumul Consolidate Holdings, Kumul Petroleum Holdings Limited and National Fisheries Authority.

Silver Sponsors: PNG Ports, Mineral Resources Development Company (MRDC), and Bronze Sponsor: Telikom PNG.

The Minister said over 400 delegates have already registered to attend this summit.

“We are pleased to inform you that we have confirmed 7 international speakers from India. China, Indonesia, Japan, Philippines, Bangladesh and International Finance Corporation who will be coming the share their country’s experience, and how SEZs have transformed their countries,” Maru said.

Maru said the delegates will also have the opportunity to contribute to the SEZ policy, The Master Plan, and Legal framework and listen to international speakers and potential SEZ’s in the country.

The potential Special Economic Zone in the country include the Central Processing Zone being developed, Kumul Manufacturing Holdings Limited, Rigo Rice SEZ, Ihu SEZ and Paga Hill SEZ.

“It will be an exiting summit and we are very grateful to all the sponsors without which we wouldn’t be able to host the summit,” Maru said.

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Karamui Special Economic Zone

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Simbu Governor, Noah Kool said, commercial economic activities in Karimui-Nomane district of the province can turn its provincial revenue numbers ten-fold as well as making it a food basket of the country.

The political head of the province wants to use the large fertile valley to stimulate growth in large scale agriculture, create jobs and business, unlocking its potential as an economic hub.

Karamui in particular is year marked as “A Special Economic Zone (SEZ)” in Simbu.

“Currently its K5 million (provincial revenue), we want to increase it to K50 million SEZ,” Kool said.

According to the Governor, Simbu has been relying heavily on Waigani and hasn’t been generating the internal revenue to run its local affairs.

“After 47 years, we must stop being beggars! Freeing Karamui, unlocking its potential, liberating its people and successfully developing Karamui SEZ will achieve economic independence for Simbu,” he said.

Minister for International Trade and Investments, Richard Maru said the province will become the first in PNG to begin to take the ambitious road of establishing a Special Economic Zone in one of its districts.

“I want to assure the people of Simbu and the Governor, I want to get the tender out by this Friday,” Maru said.

The tender is for Karamui’s own Feasibility study, apart from the nationwide study to establish a comprehensive report on areas that can be used for the SEZ and what’s needed in terms of enabling infrastructure, services, agriculture and business opportunities.

The Japanese through the Japanese Development Institute will help provide the insight into the establishment of the SEZ in Simbu.

Governor Kool said that enabling infrastructure like water, power and roads have to be in place to ensure the SEZ thrives in a business-friendly environment and trusts the Karamui SEZ will be a success because of the political and people drive.

“We believe the Karimui SEZ will be the first successful (one) in the country as all seven members of parliament are on board,” Governor Kool said.

A total of K1m was presented from the Simbu Provincial Government as counterpart funding to the International Trade Investment Ministry.

The Ministry also confirms through Minister Maru that Government has also put forward a K1.3m to begin the preliminary works.

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