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By Lorraine Jimal
The Second Special Economic Zone (SEZ) summit brings together more than 400 participants including 100 delegates from other countries to discuss about the special economic zone’s development and potential investments in PNG.
The summit was opened by Prime Minister James Marape who welcomed the delegates yesterday evening in Port Moresby.
Marape gave confidence to the potential investors stating that the country will always honor its agreement.
“I want to give assurance to the new investors that we appreciate the fact that they must make returns from their investments,” he said.
International Trade and Investment Minister Richard Maru said, 4 economic zones have already been given licenses and if all completed, it will bring over 10 million kina investments.
The zones include Paga Hill, Sea Park, Pacific Lime and cement and Caution Bay Pacific Central Industrial Park project and the new Coast in Bay SEZ, additionally, the country expects another six before the year ends.
Minister Maru believes that the economic zones will bring in the biggest foreign investment into this country in terms of investment and jobs.
He stated that the government agenda is to increase exports, replace imports, downstream processing and to create wealth for the citizens.
Maru noted that this is by offering incentives that will attract foreign companies to come in and invest in PNG as well as local companies.
“Our target is to bring all these foreign investors, market the opportunities we have for investment across all sectors, agriculture, fisheries, forestry and others,” Minister Maru said.
He said there will be 50 information booths set up for people to look around and meet potential partners and the summit is expected to get over 20 billion investments.
“We had planned for 450 participants including over 100 from other countries as of this afternoon.
“For the first time PNG is getting 30 investors from China, 11 from United Arab Emirates and 13 from India,” he said.
Ministry of International Trade and Investment chairman, Dr. Lawrence Sause said that the summit is an opportunity for the country to be showcased internationally and enable the investors to see for themselves what the country offers.
“See what the country is like and what the country can offer you in terms of you putting your money down to invest in,” he said.
Dr. Sause said the four investments have totaled up to K7.4 billion
He clarified that the meeting provides a platform for people to get to know each other and the potential sites for investments.
“My encouragement to PNG companies and Papua New Guineans who will be there looking for opportunities in the second summit is to get to know the investors that will come and take time to establish dialogue with them.” He said.
Ministry of International Trade and Investment secretary, Jacinta Warakai said that over the next three days the program will feature speeches from experts that will share insights on special economic zone development in PNG.
“We are honored to welcome the international speakers and delegates from China, United Arab Emirates, India, Indonesia, Malaysia, Thailand and Australia.
Warakai thanked the 26 private sectors including a State Enterprise for being the gold sponsor for the summit.
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