The National Executive Council has approved, in principle, the Lae Port SEZ in Morobe and Portside Gardens Development Project in NCD as the new Special Economic Zones.
Minister for International Trade and Investment Richard Maru described the approval of Lae Port SEZ as a strategic and transformative decision that aligns with the Government’s long-term vision to make Papua New Guinea the economic hub of the Pacific and a competitive manufacturing base in the region.
He explained that with Lae being the country’s industrial capital and home to the busiest port in the Pacific Islands, it was identified as a priority location under the Government’s SEZ master plan.
It was also noted that the newly declared SEZ will focus on manufacturing, agro- processing, logistics, and export-driven industries.
The Minister strongly emphasized that for the SEZ concept to thrive in the country all agencies and State- owned enterprises must work in unison to create a conducive environment for investment including reliable power supply, water and sanitation, telecommunication and supporting infrastructure such as roads.
For the Portside Gardens Development, it is with the intention to invite local and international investors to develop this site, in particular to develop the site to build cruise ship terminal, hotels, residential and office complexes, and entertainment facilities.
Major works have been completed to prepare the land for development, including upgrading the storm water infrastructure, leveling the site, additional sea reclamation, as well as construction of sea wall and waterfront promenade.
SEZ licenses will be issued to these two approved SEZs subject to meeting all requirements of the Special Economic Zones Authority. Other approved SEZs pending licensing include the Sepik Plains SEZ, Siar SEZ, Madang Integrated SEZ and Finschhafen SEZ.
