South Bougainville’s Bana District is earmarked to become Bougainville’s Free Trade Zone as initial talks herald what might be an answer in fostering economic development through the Bana Development Initiative.
Already, keen investors have lined up with initial plans of tapping into agriculture, fisheries and tourism.
The Bana Free Trade Zone (BFTZ) pilot project will help boost the economy of Bana district, the Autonomous Region of Bougainville and Papua New Guinea as a whole by attracting and concentrating companies in a business focused environment within the BFTZ area with its coast aimed at being a major international corridor.
The Bana Development Initiative technical team, headed by Paul Kebori, revealed that the notion of the free trade zone will bring about the much-needed stimulus to jolt economic activities that will eventually provide opportunities in participation and enhancing the livelihood and welfare of the societies in and around Bana.
Kebori said initial studies revealed that employment and income opportunities for about 60 to 80 percent of the population within the FTZ area will be created, spin off activities for local Small to Medium Enterprises, the improvement of service delivery and infrastructure, poverty alleviation, and capacity and skills development will contribute to the advancement of the area.
He said in 2014, the people of Bana district took it upon themselves to investigate options to foster economic development within the district. This resulted in the Bana Development Initiative through which the Bougainville Executive Council made the decision to establish the Bana Free Trade Zone pilot project under the PNG Free Trade Zones Act 2000.
Government officials from both the National Coordination Office for Bougainville Affairs and the Department of Commerce and Industry recently began discussions in advancing the project.
The Regional Member for Bougainville, Joseph Lera, also showed his support and committed his backing to ensure the project gets all the needed support during its initial stages.
(Bana Development Initiative technical team with developers)