Government to give ‘special incentives’ to downstream players in agriculture, forestry, fisheries

By: PNG Business News May 29, 2023

Photo: PM Marape addressing the Lae Chamber of Commerce & Industry breakfast.-PM’s Office Media

The Marape-Rosso government will very soon announce “special incentives” to support loyal players in the manufacturing, agriculture, forestry and fisheries sectors focused on serious downstream processing in the country, Prime Minister Hon. James Marape has said

PM Marape announced this to members of Lae Chamber of Commerce & Industry on Thursday, May 25, 2023, when he was addressing a breakfast meeting in Lae.

Pointing out Goodman Fielders latest K800 million processing facility in Morobe Province as an example, the Prime Minister encouraged Lae’s manufacturers and those with businesses in agriculture, forestry and fisheries to get into this downstream processing space.

“I want to pay special mention to Goodman Fielder who have come in and brought in a K800 million worth of investments in the country,” said PM Marape.

“For those of you already doing business, we want to put up incentives so you can produce here and export from here, and bring back the money into the country.

“Those of you in this space, our Ministry of International Trade has announced the policy initiative on giving you tax holidays on the investments you are putting into the downstream of agriculture, fisheries and forestry. So keep a look out and keep working.

“These incentives will be announced very soon. In fact, within the six months before the 2024 Budget is brought in.

“Agriculture remains the great focus for us – agriculture exports, downstream forestry exports, downstream fisheries exports. We will not make a subtle turn.”

He said Lae and Port Moresby would be the starting points, to act as “agriculture enclaves” from where the Government would like to expand to other areas that already have enabling infrastructure such as a developed port, sustaining power, good road and other supporting infrastructure.

For the Fisheries sector, the Prime Minister said the recently-signed Shipriders Agreement with the United States opened up the opportunity for the US Navy to help the country in monitoring and surveillance of Papua New Guinea waters.

“For the first time ever, we have a very real chance of properly monitoring and containing illegal fishing, and knowing exactly what we are capable of making in fisheries. We are developing the Madang Maritime Industrial to add to what we are doing in the Fisheries sector.

“We also have set aside money for the development of Special Economic Zones to achieve a sustainable economy in agriculture, forestry and fisheries. We want to move toward the downstream processing space at the earliest,” PM Marape said.

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