It is proposed that Finschhafen district in Morobe Province will become the first hub in the Pacific to host a Special Economic Zone based around the concept of blockchain technology.
An MOU was signed this week between the Governor and Ledger Atlas Inc, an Investment Consortium, to begin the feasibility of the proposition.
The proposed Special Economic Zone focused around blockchain technology. If it becomes reality, it will make PNG the country in the world to create an economic zone.
The MOU aims to further the discussion through a feasibility study.
“Essentially we’re just signing an understanding at no cost to the government, apart from some contributions from DSIP from Finschhafen, at the cost primarily from the investor to come in and do this feasibility,” said Deputy Prime Minister Charles Abel.
“We will consult through the Bank of PNG and the Department of Commerce, and Department of Treasury, and they will jointly develop the concept which they will bring to cabinet.”
Finschhafen MP, Rainbo Paita, whose district is hosting the proposed zone, says this initiative will position PNG well into the future.
“It’s just us positioning ourselves as a global hub and technology is the future of any country, so we as a small country are taking a big leap into something big as this,” Paita said.
Representing the investment Consortium is Shane Ninai, a Papua New Guinean entrepreneur based in Silicon Valley, USA.
He says PNG has been identified as one of the most suited countries in the world to adopt this technology.
“This is a very new and exciting time. The technology we are trying to introduce into Papua New Guinea is the biggest thing since the Internet.
“So in terms of the upside, there is a lot, and I’m looking forward to engaging with the Government and the relevant Departments and also the people of Finschhafen to hopefully realising this,” Ninai said.
Blockchain technology is the most secure database in the world and can only be programmed not only to record financial transactions but virtually everything of value.