The first ever Special Economic Zone Summit (SEZ) with Papua New Guinea as the host country was officially opened yesterday afternoon at the Stanley Hotel in Port Moresby.
Leaders from all over the world including potential investors are participating in these two days discussion.
Representing the host ministry, International Trade and Investment Minister and member for Yangoru Saussia, Richard Maru welcomed everyone that turned up to participate in this historic two days summit.
“I am humbled and delighted to welcome you all to the first ever Papua New Guinea SEZ summit,” Maru said.
Minister Maru said SEZ is not a new thing as there are already some established areas in Papua New Guinea.
“After over 40 years of independence PNG is finally hosting the summit. SEZ is not a new thing; it’s been here for a long time.”
“PNG started it when it enacted the ICDC act in 1993 and started the Malahang Industrial Park in Lae, Ulaveo in East New Britain, Vanimo Free Trade Zone, PMIZ in Madang, and Konebada Petroleum Park recently.
Minister Maru added that even though we have these parks, no improvements have been made so far.
“It’s 30 years now and where do we go as there is no evidence of progress.”
“It’s time we take a good stock take on why we are failing, why is it important that rest of the world have succeeded in using SEZ as a vehicle to transform their economies, create millions of jobs, bringing millions and trillions of foreign direct investment and they have done extremely well and transformed their nation from poor third world nations to industrial nations today.”
“We have huge potential with more resources but yet fail.
“We need to understand why we fail while the rest of the world did not. What are the key factors to our failure?”
Mr Maru urged leaders to learn from other countries during the summit.
“We have to take a good stock take and learn from other countries that have done well, including all nations attending the summit.”
“I appeal to all my colleague Ministers and Governors, please continue to come to this summit and learn as much as we can because SEZ is not about one person, it’s about us together, chatting a new part for our nation.”
Minister Maru applauded Prime Minister James Marape for enacting the SEZ in 2019 since taking office.
Meanwhile, Prime Minister James Marape acknowledged those who contributed and worked tirelessly to ensure the summit is run without fail.
He also took time to acknowledge investors and participants by saying PNG has a growing economy since independence in 1975.
“Economy grew from K5 billion in 1975 to K113 billion today, it is evidence of growth and as our population expands, we have huge land mass which has the potential for development like SEZ,” PM Marape said.
“Our government has track record of supporting investors in the mining sector, SEZ and others.”
The first day of the SEZ summit discussion began today 8th and will end tomorrow 9th of May 2023.
