Special Economic Zone Launch in Bana
The people of Bana District have taken the first step to creating a revenue generating stream for Bougainville through the official launching of the Bana Special Economic Zone.
The launching was for the Incorporated Land Groups, Voluntary Land Registration and Social Mapping for the BSEZ.
President Ishmael Toroama was present to officially launch the project at Mamarego Primary School in the Baba Constituency, South Bougainville.
The proposed project area is situated along the Augusta Bay and remains one of Bougainville’s remotest areas and is accessible only by sea or bush tracks through rough terrain engulfed by marshland and thick vegetation.
The project is intended to create development by tapping into the agriculture, fisheries and tourism industries and creating economic opportunities for Bougainville by attracting and focusing investments in the BSEZ.
In the foreseeable future the Special Economic Zone benefits for Bana District and Bougainville will generate;
- Increased trade balance.
- Creating employment.
- Increased investments.
- Allow Bougainville to trade at a globally competitive level.
The project is an initiative of the people and leaders of Bana District in its three constituencies (Bolave, Lato and Baba) who sought to increase development and stimulate economic activity in the district.
A response to this was the creation of the Bana Development initiative which is the steering committee of the project.
The BDI then decided to establish the Bana Free Trade Zone under the PNG Free Trade Zone Act 2000 which has been repealed and replaced by the PNG Special Economic Zone Act by the Marape Government.
The completion of the land owner group registration will enable the people to actively participate in the project to hold, dispose and manage their lands to facilitate investment.
The presence of President Toroama at the project launch has been hailed as a definitive step to moving the project forward.
President Toroama is a strong proponent of economic development in Bougainville at the constituency level.
To signify the launch President Toroama planted a coconut tree and received the report of the social mapping and ILG’s from ABG Minister for Lands Robert Hamal Sawa.
The ABG will set up policies and laws to guide investments on Bougainville. These will complement the existing Bougainville Inward Investment Act.
So far the Lands Act is near completion whilst the ABG’s Environmental Act will follow suit.
[ Back to News ]
