Decline in Business Confidence Revealed by Bank of Papua New Guinea Survey

 Papua New Guinea's Minister for International Trade and Investment, Richard Maru, has unveiled a strategy to lure investors to the country through the establishment of Free Trade Zones (FTZ) under the Special Economic Zone policy.

Speaking at a recent press conference, Minister Maru addressed the request from Vanimo-Green MP, Beldan Namah, seeking government assistance to develop the Vanimo Free Trade Zone.

Under the proposed FTZ initiative, investors eyeing opportunities in Vanimo and other designated zones will enjoy enticing incentives, including tax holidays exempting companies from corporate taxes.

However, Minister Maru stressed the crucial need for vital infrastructure and conducive conditions to attract potential investors to the Vanimo FTZ. These essential prerequisites include:

1. An international wharf
2. An international airport
3. Affordable and reliable electricity
4. Adequate water and sewerage systems
5. A minimum of 300 hectares of land allocated for the development of an export processing zone in Vanimo
6. Efficient border infrastructure at Wutung, equipped with scanning machines to facilitate customs procedures for PNG exports to Indonesia.

Minister Maru emphasized the necessity of fulfilling these requirements, asserting that their absence could impede the development of the proposed Vanimo FTZ significantly.

He further stated that the responsibility for meeting these prerequisites rests with MP Namah and the Sandaun Provincial Government before the National government can extend assistance for the FTZ's development.

The implementation of Free Trade Zones in Papua New Guinea aims to stimulate economic growth, attract foreign investment, and generate employment opportunities, aligning with the country's broader development agenda.

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Decline in Business Confidence Revealed by Bank of Papua New Guinea Survey