A Special Economic Zone is only granted and established by Special Economic Zone Authority Board, through the stringent appraisal process.
Special Economic Zone Authority (SEZA) Board Chairman, Varigini Badira said core to granting an application to any developer is land security with healthy financial portfolio.
He said land must be owned and secured by the developer intending to establish a SEZ.
“Any licensed SEZ developer are given twelve months KPIs to implement the conditions of the license and to immediately engage in job creation,” Badira said.
“Failing that, the board will review the status of the license. Thus far, only Paga Hill Tourism Special Economic Zone has generated jobs and continues to develop its SEZ precincts.”
He said foreign investors are encouraged to link up with local businesses that are already developing land or have land security and are intending to go into downstream processing.
Mr Badira said the SEZA Board supports Minister Richard Maru’s call that landowner clans that belong to registered ILGs must be consulted thoroughly by developers intending to establish SEZs before they can approach the SEZA Board with its application.