‘Special incentives’ will be announced in a few months’ time for players in the manufacturing, agriculture, forestry and fisheries sectors.
Prime Minister James Marape made the announcement on Thursday, May 25th, when meeting with Lae’s private sector.
Marape thanked employers for remaining loyal to PNG for the past decades despite the deteriorating business environment.
“Those incentives will be announced very soon, in fact, within the six months going forward before the 2024 budget is brought in,” he stated. “We will announce certain incentives that we will be giving to the manufacturing sector and more so, agriculture, forestry and fisheries based here in our country.”
Marape further assured the business sector that he has taken note of their frustration with constant power issues, that is why they are ramping up work at the Ramu power station.
He thanked the Japan International Cooperation Agency for the K263 million ‘Ramu transmission system reinforcement project’ – jointly funded by the Japan and PNG governments. This project will supply power between the Ramu 1 hydropower station to the Taraka substation using the reinforced 132 kilovolts transmission line that will run through the Erap substation.
However, despite the Prime Minister’s assurance, a majority of the companies remained skeptical, with the chief executive officer of the Lae Biscuit Company, Ian Chow, saying talking is easy; making things happen is the hardest part.
Chow said business houses in Lae are still faced with longstanding issues like power outages, high tariffs and shortage in foreign exchange, while the figures that were reportedly spent by the national government to boost the economy are yet to be felt by both the private sector and the average Papua New Guinean.