Ihu Special Economic Zone gets funds, Prime Minister Marape urges nation to go into small agriculture businesses and the Internal Revenue Commission opens an office in Jiwaka Province. The business news you need to stay on top.

Ihu Special Economic Zone (ISEZ). Credit: Office of Member for Kikori Open Electorate

National

The National Executive Council has allocated K100 million for Kikori’s Ihu Special Economic Zone (ISEZ), reports The National. The funds are to aid in the development of the project over the next five years.

MP Soroi Eoe reportedly said that companies such as Kumul Petroleum Holdings Ltd, PNG Ports Corporation, Water PNG, National Airports Corporation and PNG Power ‘have all expressed interest to develop the project’. Eoe also said that discussions were ‘underway’ with the superannuation funds. Ihu ISEZ is expected to generate K10 billion to K12 billion annually and to create about 12,000 direct jobs.

Travel

The Australian Government has announced more changes to the requirements to travel to Australia from overseas. Air Niugini flights to Australia have been affected – 60 per cent reduction in the number of passengers from 15 January. The company has closed additional sales to all flights from Port Moresby to Brisbane and Cairns until 28 February.

Given the restrictions, customers who had booked tickets for these flights may be affected by the reduction in passengers and Air Niugini will notify customers and ‘provisionally book [them] on to the next flight with available capacity at no cost,’ the airline said in a statement. ‘These flight may be after 15 February. Should the alternative date offered not be acceptable, customers can request a full refund.’

Manufacturing

Paradise Foods biscuits. Credit: BAI

The oldest food manufacturer in PNG, Paradise Foods, has got clearance from the Independent Consumer and Competition Commission (ICCC) to acquire shares in Hugo Canning Company, which is owned by Heinz Australia. (ICCC)

Mining

Julius Chan, Governor of New Ireland Province, and Peter Sharpe, Newcrest Mining’s General Manager, had a meeting last week to discuss why the province is not getting a ‘fair share of profits since the rise in gold prices’. It has been reported that Newcrest agreed to have a ‘more open dialogue’ with the provincial government. (The National)

Forestry

South Bougainville is readying for the Tonolei Logging Project, which is set to star as early as February, reports The National. Minister for Communication and Information Technology and local MP, Timothy Masiu, said that the resource developer, KKCL, which is based in East New Britain Province, would mobilise equipment and machinery in Tonolei next month. The landowners corporation Tonolei Development Corporation has agreed to the 42,000-hectares project. (The National)

Agriculture

During a visit to East Sepik’s Maprik, PM James Marape urged nationals to create small agriculture businesses. He said this when launching a price support policy for agriculture produce. Marape talked about increased demand for coffee, vanilla, cocoa, copra and palm oil and reaffirmed his government’s commitment to giving good prices to the growers.

He said in a statement: ‘The Government’s investment to give good price to the growers will mean increased production and increases exports, which is beneficial to the country and our people’. Marape added ‘this is a deliberate policy to bring this majority of Papua New Guineans to the cash economy.’ (PNG Office of the Prime Minister)

Photograph of the week

Jiwaka Province tax payers will not need to travel to Mt Hagen any more to pay their taxes or lodge a return. The Internal Revenue Commission (IRC) has opened its first office in Jiwaka Province, at the Jiwaka Provincial Headquarters at Kurumul. (IRC)

Jiwaka Governor, William Tongamp, and Commissioner General of IRC, Sam Koim, were at the inauguration. Credit: IRC via Facebook