SEZA AWARDS SEZ LICENSE TO SEA PARK DEVELOPMENT LIMITED

By Sandra ULG

THE Special Economic Zone Authority (SEZA) has approved a Special Economic Zone License (SEZ) to the Sea Park Development Limited that will be valid for 10 years.

Chairman of the SEZA Board Dr. Lawrence Sause said the license provides a leeway or platform for the Sea Park Development Limited to carry out major development and investment on the Sea Park that is close to the APEC center in downtown, Port Moresby.

Dr. Sause says within the context of the Marape-Roso government’s quest to lure foreign direct investments, and against a backdrop of the manifold challenges that the country is facing, the Sea Park project is seen as a blueprint for future SEZ developments that will catalyze economic growth across the country.

He says the Sea Park project is worth K2.2 billion and as such it will contribute immensely not only to the economy of Papua New Guinea, but it will contribute immensely to changing and lifting the face of Port Moresby as the capital city, but more importantly, within the Ela Beach percint.

The Chairman adds that SEZA has carried out its due diligence, and Sea Park has met all the 37 requirements of granting a license except for one that has been partially met, and that is the full submission of a feasibility study, which Sea Park will submit in due course, and they will be giving Sea Park a window of six months for it to present the feasibility study.

He says Initially, the construction phase will entail the provision of 2,000 jobs going forward. And going forward, it will provide about 700 full-time employments of all after the construction phase is done to Papua New Guineans going forward. The benefits in terms of government revenue and the streams of taxation that will go to the country after that is immense.

Meanwhile, Sea Park Development Chief Executive Advisor Carl Nuyda said the granting of this license empowers them to elevate the mission by transforming their vision for a world-class residential, commercial and tourism destination into a vibrant reality.

He says the license will crystallize their investment into infrastructure, hospitality and job creation in a way that is both impactful and inclusive.