Tuesday, 9 May 2023
The Secretary for the PNG Department of National Planning and Monitoring, Mr. Koney Samuel, presented an overview of the Special Economic Zones (SEZs) and their importance in PNG’s Medium Term Development Plan (MTDP) IV during the Special Economic Zone (SEZ) Summit at the Stanley Hotel in Port Moresby today (Tuesday 9 May).
Mr Samuel describes SEZs as delimited and declared geographic areas with serviced lands that operate as enclaves with a single regulatory framework and administration.
He also highlighted the benefits of SEZs for investors, such as duty-free benefits and streamlined procedures for economic activities.
Secretary Samuel discussed the MTDP IV Targets for SEZs, which aim to identify at least one SEZ per district and mobilize financing for critical infrastructure development.
He also emphasized that legal title over the SEZs will be ensured while allowing landowners to contribute their land as equity in the SEZ venture.
He also pointed out the challenges to ensuring SEZ development success, which include improving alignment and coordination among key government agencies, establishing safeguards for private sector investments and landowner participation, developing an appropriate SEZ management structure, providing adequate funding in a timely manner, and preventing political interference.
The SEZ summit brought together experts, investors, government officials, dignitaries, and corporate giants from both inside and outside the country.
It is anticipated that the exchange of ideas and experiences during the summit will contribute to the growth and success of the Special Economic Zones in Papua New Guinea.
“The successful implementation of SEZs will help boost economic growth in Papua New Guinea by attracting foreign investment and creating job opportunities.”
The summit provided a platform for discussion and learning, which will help in implementing SEZs effectively in Papua New Guinea.