NEW SEZ POLICY TO LAUNCH ON SUNDAY: MARU

The Minister for International Trade and Investment, Richard Maru has confirmed that the official launching of the new Special Economic Zone (SEZ) Foundation Policy will take place on Sunday 15th June 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The launch of this policy will result in the current SEZ Act of 2019 being repealed and a new Act will be enacted to reflect the changes in the foundation policy.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 will define what SEZs are and the different types of SEZs, it will tell you also the types of industries within SEZs. It will also tell you about the incentives that are going to provide for investors who are located within SEZs.

Our policy will also talk 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,” said the minister.

He said since the passage of the SEZ Act in 2019, only one SEZ received license and that is the Paga Hill SEZ in Port Moresby city which is currently in the construction phase.

“So, it’s a very exciting journey that we are going to start on Sunday.”

Minister Maru also stressed the importance of all stockholders attending the launching on Sunday.

“I’m talking provinces and districts who want to be in the SEZs. They need to come, take the policy, ask the questions they need to ask and be clear.

Invitations have gone out to our leaders, department and agencies, the private sector and the provinces and I look forward to having them all come together to be part of the launch of our PNG SEZ Foundation Policy on Sunday,” said Minister Maru.

Minister Maru stressed again the importance of SEZs in job creation and revenue generation, stating that he is expecting seven new ones being granted licenses this year, a boost to the country.

He explained that SEZs are unique, given that they are given special treatment by the state in order to lure in investments for development, hence, the new SEZ Policy will play a big part in the development of SEZs in Papua New Guinea.