TechInPacific – Only recently, the Government of Papua New Guinea (PNG) and Ledger Atlas have signed an MoU that aims to support the proposed Special Economic Zone in Finschhafen district, Morobe Province.
The Special Economic Zone will focus on blockchain technology, thus, the signing of the MoU by two parties plan to further discuss the possibility of it to happen.
Speaking about the MoU, the Deputy Prime Minister, Charles Abel said: “Essentially we’re just signing an understanding at no cost to the government, apart from some contributions from DSIP from Finschhafen at the cost primarily from the investor to come in and do this feasibility. We will consult through the Bank of PNG and the Department of Commerce, and the Department of Treasury and they will jointly develop the concept which they will bring to the cabinet.”
As the host of the proposed Special Economy Zone, the Finschhafen MP, Rainbo Paita said that the initiative undertaken by the two parties will benefit PNG’s future.
“It’s just us positioning ourselves as a global hub and technology is the future of any country, so we as a small country are taking a big leap into something big as this,” he said.
Meanwhile, Shane Ninai, a Papua New Guinean entrepreneur based on Silicon Valley, the U.S spoke as the representative of the investment Consortium. He said: “This is a very new exciting time. The technology we are trying to introduce into Papua New Guinea is the biggest thing since the internet. So, in term of the upside, there is a lot, and I’m looking forward to engaging with the Government and the relevant Departments and also the people of Finschhafen to hopefully realizing this.” Said Ninai.