WITH progress being made on the Ihu Special Economic Zone Project, a strategic partnership has been signed to allow the project to work closely with PNG’s leading superannuation provider.
The National Superannuation Fund (Nasfund) and Ihu Special Economic Zone Development Company Limited (ISEZDCL) have signed a Memorandum of Understanding (MOU) that now allows for collaboration on partnerships in areas of mutual interest.
Among conditions of the MOU, all workers in the ISEZ will be registered as contributing members to Nasfund - both in the formal and informal sectors.
The MOU was signed by Nasfund Chairman Charles Vee and ISEDCL Project Director Peter Ken Gemar this week.
Ken Gemar said among their immediate focus is the upscaling of agricultural-based Small to Medium Enterprises (SMEs) so that they can improve their standards, but importantly, start the process of saving for retirement through Nasfund.
“The project is working in partnership with the Kikori District to ensure that agricultural-based SMEs progress from being in the informal sector, to a formal sector arrangement, so that they can comply with requirements, which include retirement savings through superannuation.”
Nasfund Chairman Charles Vee said the MOU also paves way for strategic investment opportunities for the fund, particularly in critical infrastructure projects.
“Nasfund is pleased at the progress being made to develop the ISEZ. Through the ISEZDCL, there is a clear pathway outlining developments in Ihu.
In addition to promoting a savings culture, through retirement savings, it also provides the Fund with investment opportunities for critical infrastructure that will support upcoming projects, which include the Papua LNG.