New SEZ Policy announcement in Papua New Guinea to prioritise local investors

On Monday, February 19, 2024, Hon. Richard Maru, Minister for International Trade and Investment, made a significant announcement regarding the future of Special Economic Zones (SEZs) in Papua New Guinea (PNG). In a move to boost local economic empowerment, the Government has unveiled new policy directions for SEZs, emphasising the prioritisation of PNG investors. This announcement was made at a press conference, where Minister Maru was accompanied by Mr. Kikila Yavase, the Acting Chief Executive Officer of the Special Economic Zones Authority (SEZA). The forthcoming SEZ Policy of Papua New Guinea, which is expected to be completed and officially launched within the year, introduces a groundbreaking approach to local ownership within SEZs. According to Minister Maru, the policy will mandate that Papua New Guineans are to be given precedence in investing in SEZs, ensuring that they can either hold a majority ownership or become substantial shareholders in any SEZ development projects across the nation. This strategic policy shift is designed to foster a more inclusive economic development model, enabling local investors to play a pivotal role in the nation's economic zones. The new SEZ policy underscores the Government's commitment to ensuring that the benefits of SEZ developments are more accessible to the people of Papua New Guinea, thereby promoting national prosperity and sustainable economic growth. Watch the video of Minister Maru’s address to gain more insights into this transformative policy direction and its implications for the future of investment in Papua New Guinea's Special Economic Zones. Remember to subscribe for more updates on economic developments and policy announcements in Papua New Guinea. #PapuaNewGuinea #SEZPolicy #EconomicDevelopment #LocalInvestment #RichardMaru #SEZA