Zone chief says Papua New Guinea’s SEZs have pulled in K10 billion

FTZ News: Kikila Yavase says the special economic zones have generated about K10 billion. He named the Kido limestone project, the Seapark project and the Five-Mile China Town project. The question he was taking was about illegal business and money laundering.

According to The National, in a report by Nathan Woti on Oct. 8, Yavase, chief executive of the Special Economic Zone Authority, said the board of the National Coordinating Committee has signed agreements with state agencies that do regulatory work. Five regulating agencies have signed, he said, so investors follow the law. A deal with the Bank of PNG has been discussed. He said it should be signed soon.

Customs was the latest to sign a memorandum with the authority. David Towe, Customs chief executive, said investors should be told what they need when they apply for a zone license or move goods in or out. His line, as printed: “The agreement provides a structured framework for cooperation between Seza and PNG Customs Services to ensure that trade within SEZs is efficient, secure, transparent, and complaint with national and international customs laws and standards.” The paper has “complaint,” not “compliant.”

The list of joint work is a one-stop customs clearance inside the zones, checkpoints on goods, and duty-free and tax-exemption paperwork for firms that qualify.

The story does not split the K10 billion into money spent and money promised. It does not say over what years. It does not give a job count./.