WITH progress being made on the Ihu Special Economic Zone Project, a strategic partnership has been signed to allow the project to work closely with PNG’s leading superannuation provider.
The National Superannuation Fund (Nasfund) and Ihu Special Economic Zone Development Company Limited (ISEZDCL) have signed a Memorandum of Understanding (MOU) that now allows for collaboration on partnerships in areas of mutual interest.
Among conditions of the MOU, all workers in the ISEZ will be registered as contributing members to Nasfund – both in the formal, and informal sectors.
The MOU was signed by Nasfund Chairman Charles Vee and ISEDCL Project Director Peter Ken Gemar this week.
Speaking at the occasion, Mr Gemar said among their immediate focus is the upscaling of agriculture based Small to Medium Enterprises (SMEs) so that they can improve their standards, but more importantly, start the process of saving for retirement through Nasfund.
“The project is working in partnership with the Kikori District, is to ensure that agriculture based SMEs progress from being in the informal sector, to a formal sector arrangement, so that they can comply with requirements, which include retirement savings through superannuation.”
According to Nasfund Chairman Charles Vee, the MOU also paves way for strategic investment opportunities for the fund, particularly in Critical Infrastructure Projects.
“Nasfund is pleased at the progress being made to develop the Ihu Special Economic Zone. Through the ISEZDCL, there is now a clear pathway outlining developments in Ihu.
“In addition to promoting a savings culture, through retirement savings, it also provides the Fund with investment opportunities for critical infrastructure that will support upcoming projects, which include the much-talked about Papua LNG.
“We thank the ISEZDCL for partnering with the Fund through this MOU in ensuring that we all work together in areas of mutual interest.”