SYDNEY, June 20 (Xinhua) -- The Papua New Guinea (PNG) province of Manus is set to become the country's first "tax free economic zone", the nation's Prime Minister James Marape has announced.
Speaking to members of the business community at the second Speakers' Investment Summit in Port Moresby on late Wednesday, the newly appointed leader outlined his new economic vision for the South Pacific nation.
"Instead of just simply allocating budgets into provincial governments, we will be allocating resources. Key interventions in infrastructure will be geared towards ensuring that the economic potential and propensity of that area is harvested and drawn," he explained.
"We will be re-looking at the map of our country to ensure that our country is divided into economic zones."
"Manus will be declared as the first corporate tax free zone in our country."
Although there was no specific details about how the tax free economic zone would work, Marape said that because Manus has been troubled by "negative exposure" in recent years, the government needs to find a way to "drive growth" and financial investment in the area.
"Life is bigger than just Port Moresby, and the economic potential of the country lies in the provinces, we just need to find them."
Marape, a former finance minister, has wasted no time since coming to power at the end of last month. The speech was the first time the new prime minister has addressed to the nation's business leaders.
"Whichever government that comes into place in 2022 and beyond, will have a luxury of the benefits from the plans that we are putting in place," he added.
