The initiative of the Ihu special economic zone project will promote and boost international trade among countries trading with Papua New Guinea.
This was revealed by Acting Chief Trade Officer Richard Yakam, who said that this project is very significant in promoting export and import between countries and increasing trade relations.
He added that with the support of the government, this project will soon be getting traction - in spite of not being implemented yet.
“I have confidence you can deliver the project with the support and I commended your team for taking this approach,” he said. “From trade perspective, we will not contribute anything to the district or infrastructure development aspect of it but towards the end of it that’s when the trade comes in.”
He added, “As you know in PNG, the cost of doing business is very high and we are encouraging downstream processing and exports as well. We need to go to special economic zones, where we can minimise the cost and export more and that’s where we are looking at from trade as much as possible.”
He said this is also part of attracting investments. “Its part of implementing our free trade policy thus, will be collaborating and work together going forward,” he said.
