PNG SP Hunters Fall to Dominant Dolphins in 50-16 Defeat

 Papua New Guinea Prime Minister James Marape is scheduled to officially launch the country’s first-ever Special Economic Zone (SEZ) Foundation Policy this Sunday at APEC Haus in Port Moresby. The policy will provide a framework for the development of SEZs from 2025 to 2032.

Minister for International Trade and Investment Richard Maru explained that the SEZ Foundation Policy follows the SEZ Act of 2019, which was passed without a supporting policy. He noted that this reversal in the usual process created loopholes in the legislation that now need to be addressed.

Maru said the new policy will define SEZs, identify various categories of zones, and explain how investors can apply for licenses and benefit from incentives. It will also clarify what industries are eligible for SEZ status.

Minister for International Trade and Investment Richard Maru

In addition to outlining procedures, the policy will specify the fees levied by the SEZ Authority on investors and operators within the zones. Maru said the framework will bring clarity and structure to the management of SEZs.

Currently, only one SEZ license has been issued — the Paga Hill SEZ — which includes a nearly completed 22-story apartment building and a casino scheduled to open in October.

Maru urged investors and provincial leaders to attend the launch and engage in dialogue about the policy’s details and potential benefits. He emphasized that the event is a critical opportunity to understand the policy’s transformative potential.

Reflecting on PNG’s 50 years of independence, Maru said the policy marks a turning point. “This is the most important policy since independence,” he stated, adding that it aims to redirect the country’s economic future by driving investment, job creation, and downstream processing.

Also read

PNG SP Hunters Fall to Dominant Dolphins in 50-16 Defeat