Pacific Maritime Industrial Zone project moves to ‘business case’ stage
COMMERCE and Industry Minister Wera Mori, pictured, says the Pacific Maritime Industrial Zone (PMIZ) project in Madang is progressing towards the feasibility study stage.
Mori told The National yesterday that the “business case” stage was currently in progress. “The business case in itself will be able to help us secure the funding of US$156 million (K517mil) to implement the programmes,” he said.
Mori said the funding would not only help in building the two wharves but also assist with electricity, water supply and road infrastructure.
“We are working towards the feasibility studies.”
Mori said it was important to work on the business case because the Government must also be seen to be making money as they put the programmes in place.
“So in the business case, it completely shows how the Government can make money and how the investors can make money,” he said.
“With the current support given by the Government, we are progressing well with the business case.”
Acting secretary for the Department of Commerce and Industry Joseph Vitliu recently told The National that PMIZ would have six canneries which would attract investors because there would be some incentives given.
Vitliu said the project would get off the ground once they got the funding from China’s Exim Bank, hopefully by the end of this year or early next year.