Papua New Guinea is moving ahead with the rollout of the proposed Madang Integrated Special Economic Zone (MISEZ), with government approval for a joint venture between the state and RD Tuna Canners Ltd expected within the next two weeks.
The proposed joint venture, involving Kumul Consolidated Holdings on behalf of the state and RD Tuna Canners Ltd, is awaiting National Executive Council approval before the agreement is signed by the Head of State.
The project's first investment will be the construction of a 300-metric-ton tuna cannery, which will anchor the development of the special economic zone. The cannery is expected to be launched by Prime Minister James Marape in Madang following the signing of the joint venture agreement.
The development plans were discussed during a meeting between RD Group Chairman Roy Rivera and International Trade and Investment Minister Richard Maru, who was briefed on the proposed economic zone to be established on 650 hectares of land at Vidar in Madang Province.
Maru said the newly formed joint venture company would apply for a special economic zone licence to develop the project.
He said the master plan for the Madang Integrated Special Economic Zone is expected to be completed within the next two weeks.
According to Maru, the development is planned as a marine industrial park supporting Papua New Guinea's fisheries sector through integrated infrastructure and services.
The proposed zone will include fuel, power and water supply, cold storage facilities, container storage, a slipway, supermarkets, bank branches, worker accommodation and other support services for the fishing industry.
Maru noted that RD already operates a wharf at Vidar with a 12-metre draft capable of accommodating large vessels, providing a strategic advantage for the project.
He added that Ok Tedi Mining Ltd will be invited to establish a fuel depot within the zone to supply fishing vessels and help provide power solutions for the industrial park.
The government is also seeking broader participation from Papua New Guinean companies as additional investment opportunities emerge from the development of the economic zone.
"We are also looking at many more Papua New Guinean companies to take part in the string of opportunities that will be available through the development of this SEZ," Maru said.
Rivera confirmed that several companies have already expressed interest in becoming tenants within the proposed special economic zone.
The Madang Integrated Special Economic Zone forms part of the government's broader strategy to expand downstream processing, attract private investment and create employment by developing industry-focused economic zones across Papua New Guinea.
