These are the views shared by both Paradise Foods Ltd and Lae Biscuit Company Ltd, two leading food manufacturing companies in Papua New Guinea.
Paradise Food Limited chief executive officer Mike Penrose and Lae Biscuits chairman Ian Chow when meeting SEZ Authority (SEZA) board chairman Varigini Badira, commended this initiative as an important policy relief for local manufacturers struggling both to increase export volumes and to remain competitive in the global market.
These manufacturers are now preparing very detailed submissions for a single factory Special Economic Zone license to aggressively drive it exports targets. Following SEZA visits to their facilities last week, Badira stressed their significant strides in setting a benchmark for local industry development.
Lae Biscuit Company Ltd invited SEZA to tour its international accredited certified Food Safety System Certification gold standard facility in Lae.
It is a brand-new facility worth K15 million to target exports to the Australia Market. After the tour, LBCL are now redesigning their export strategy and its capital expansion plans to utilize SEZ incentives to significantly bolster its export volumes in several target regions.
On the other hand, Paradise Foods Ltd since September 2023 has been working to finalise the application for a Single Factory SEZ for its Chocolate Factory.
Paradise Food Limited is set to inject significant capital to meet international standards for its target international market. This venture will boost production significantly and directly benefit over 2,000 cocoa farmers in the region.
There are several types of Special Economic Zone Licenses that can be granted, both industries have expressed confidence that they are able to meet strict criteria in the application process and are enthusiastic to broaden their market reach under SEZA’s guidance.
Provided they meet the criteria, SEZA Board, are eager to support such dedicated manufacturers in their journey to international markets, reinforcing our commitment to fostering economic growth and development in Papua New Guinea
