Pacific Maritime Industrial Zone in Papua New Guinea Set to Boost Economy with New Joint Venture

The Pacific Maritime Industrial Zone (PMIZ) in Madang Province, Papua New Guinea, is finally set to commence operations following the expected signing of a joint venture agreement between the PNG government and Filipino tuna fishing and processing company RD Corporation in early September 2024. This development is a significant milestone for the region and is expected to boost economic growth and create employment opportunities in the area. The PMIZ has been long-awaited and is seen as a key driver for development in the region.

The joint venture agreement with RD Corporation is a crucial step towards realizing the full potential of the PMIZ and leveraging the natural resources and strategic location of Papua New Guinea. The partnership is expected to bring in expertise, technology, and investment that will help maximize the benefits of the industrial zone for both parties. The PMIZ is envisioned as a hub for tuna processing and export, tapping into the rich marine resources of the region.

The signing of the joint venture agreement marks a new chapter for the PMIZ and signals the beginning of a new era of economic development in Madang Province. The collaboration between the PNG government and RD Corporation is expected to drive growth in the fishing and processing industry, creating a ripple effect of economic benefits for the local community. With operations set to begin soon, the PMIZ is poised to become a key player in the region’s economy and a catalyst for sustainable development.

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