Minister for International Trade and Special Economic Zones, Richard Maru has clarified that not everything is given away as tax holidays to investors at Special Economic Zones.
He said wages and salaries, and Goods and Services tax revenues will still be collected.
Addressing critics, Minister Maru said, when completed, the special economic zone for tourism at Paga Hill Precinct and adjoining sea park will have spent K5 billion in foreign direct investments, creating business opportunities and 13,000 jobs for locals in the city.
He said the Casino project, when completed in March this year, will provide 600 jobs.
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“If someone thinks that we are giving everything away is not right. PNG is not an attractive destination for foreign investors. We are competing with other countries which offer same SEZ opportunities for investors. We have law and order and forex issues. It is not easy to bring investors like this,” said minister Maru when speaking on Sunday night during the opening of the 22-story building at Paga Hill precinct.
The event also coincided with the groundbreaking ceremony for two new 22-storey buildings which will be constructed this year and finished in 2028.
Mr. Maru has thanked investors for their confidence in Papua New Guinea following the official opening of Paga Hill Paradise Apartments Phase 1 and the groundbreaking ceremony for Phase 2.
Mr. Maru praised local and international investors for choosing to reinvest in the country, saying their commitment would help transform Port Moresby and strengthen the national economy.
“I want to sincerely thank the investors for believing in this country and for reinvesting your resources back into Papua New Guinea,” he said.
“Your confidence is helping to change our skyline and build a better future for our people.”
He also acknowledged the Marape/Rosso Government for granting the license to Paga Hill as the first SEZ and the completion of it has become a remarkable achievement and is a clear sign that Papua New Guinea remains open for business.
” I want to place on record tonight my appreciation to the Marape-Rosso Government for not only passing the SEZ legislation in 2019, but for approving Paga Hill to be the first SEZ in the country and six years after now we see the complete of the first world class building that we are proud of”
The Minister said projects like Paga Hill demonstrate the importance of government incentives in attracting investment, especially in a competitive global environment.
He also announced government approval for additional SEZs in Port Moresby, including the Old Wharf precinct.