In brief: Special Economic Zone Summit gathers expertise and other business stories – Business Advantage PNG
Results of Special Economic Zone (SEZ) Summit expected to help Papua New Guinea develop a new SEZ roadmap, Australia and New Zealand pledge their support to World Bank programs in the Pacific, and Bougainville Copper declares losses for 2022.
Special Economic Zones
During Day One of the SEZ Summit, Minister for Trade & Investment Richard Maru said that the Marape Government has awarded one SEZ licence to Paga Hill Estate, which was declared a Tourism Special Economic Zone in March 2020. However, it is expected that after the event, which was designed to gather knowledge and expertise from international SEZ experts, four or five economic zones are to be identified and potentially developed.
‘Despite the legislation and the establishment of the Special Economic Zone Authority (SEZA), we still don’t have a Policy, we don’t have a master plan and development plans for SEZs. With this summit now, it will help us learn from other countries on how they have made theirs work,’ said Minister Maru in a release. (International Trade & Investment Ministry of PNG)
The Wafi-Golpu Joint Venture (WGJV) is expected to engage with landowner groups, as mentioned by the Mineral Resources Authority. Once the Mining Development Contract between WGJV and the State is signed, the Mining Minister is expected to invite landowner associations to a development forum ‘for a series of discussions and negotiations’ on a range of project benefits. (The National)
During its general annual meeting, mining company Bougainville Copper announced a recorded loss of -K6.9 million in 2022 compared with a loss of -K6.1 million in 2021. It also declared consolidation net assets of K98 million. During the meeting, the company’s Chairman, Sir Melchior Togolo, also reported that the PNG Government would transfer its 36.4 per cent share in the company to the Autonomous Region of Bougainville. (Bougainville Copper)
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Mining company Mayur Resources has secured A$5.25 million (K12.52 million) in funding ($2.75 million in a placement and $2.5 million in convertible notes) for the early development works at its Central Lime Project. (Mayur Resources)
On 8 May, the petrol price increased in PNG while diesel and kerosene princes decreased on average, as announced by the Independent Consumer Competition Commission (ICCC). (Post-Courier)
Australia and New Zealand have renewed their commitment to work with the World Bank in the Pacific region through the PNG and the Pacific Islands Umbrella Facility (PPIUF) until 2031. Australia has pledged AU$109 million and New Zealand NZ$33 million, but their combined commitments are expected to grow to US$200 million by 2031.
The funds will be used to continue health, education, social protection and climate adaptation projects. In PNG, the PPIUF will support, amongst other things, the expansion of regional labour mobility programs. (World Bank)
There are plans to build four new Post Enter Quarantine facilities in PNG. The new facilities are expected to be built in Daru’s South Fly District, Port Moresby, Lae and Wewak, and will be responsible for monitoring the import and export of beef, cattle and other livestock products. (Post-Courier)
PNG coffee beans got top marks at the 2023 Royal Adelaide Coffee Show.
Specialty coffee roaster Niugini Arabica received a Bronze Medal in the Latte Single Origin category for its Femili PNG-branded coffee beans.
The Australian roaster sources Femili PNG coffee beans, which are grown in the Western Highlands by Ukuni women who are survivors of gender violence.
‘Our job as roasters is to make sure that the beans are roasted in a way that highlights the beautiful flavours and aromas that are intrinsic to the beans,’ said Theo Levantis, one of Niugini Arabica owners. (Post-Courier)
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