Prime Minister James Marape unveiled the Ihu special economic zone (Isez) in Kikori, Gulf, as part of the district's other impact projects.
Soroi Eoe, Kikori MP and Foreign Affairs and Trade Minister, Michael Nali, Works Minister Michael Nali with his department secretary David Wereh, William Samb, Central Governor Robert Agarobe, and Gulf Governor Chris Haiveta, and other lhu officials, accompanied him.
The K5 million, which was part of the K10 million budgeted for the next five years, had already been transferred to the Kikori Development Authority, according to Marape (DDA).
He mentioned that the K5 million will be used to carry out the land registry and the Ihu special papers authority.
“I will live it to the team for the land registration, mobilisation and continual work until we get a desired outcome of Isez working.”
Eoe previously stated that after the completion of stage one, the Isez will produce between K10 billion and K12 billion annually for the first 15 years of its service.
He said that there will be a lot more to come after that.
“Apart from the major business activities, the Isez project is expected to create small-to-medium enterprises with cottage service industries surrounding it,” he said.
“It is expected to create up to 12,000 jobs directly and another 25,000 jobs indirectly.”
The Isez project was financed by Kikori DDA from 2018 to 2020 under the chairmanship of Eoe, according to Isez project director Peter KenGemar.
Last year, the National Executive Council approved the project for K100 million, or K20 million a year – K5 million for administrative purposes and K15 million for the project's various programs, according to KenGemar.
The Isez project has advanced from idea formation to step two, which entails main foundational programs that will set the tone for other critical development initiatives to follow.
The Kikori-Ihu-Kerema road project, the Ihu airstrip restoration project, and an SME training and funding program were also initiated.
Marape stated that they had activated K5 million of the K20 million they were expected to supply this year for the road project.
