SEPTEMBER 8 2022
Prime Minister Hon. James Marape has welcomed foreign investors into Papua New Guinea, as he launched the K130 million Paga Hill Paradise project in Port Moresby today (September 8 2022).
He said the 22-storey luxury apartments project, besides Fairfax Harbour, was at the heart of the Special Economic Zone (SEZ) earmarked by Government in the National Capital District and would be completed over two years.
Present with PM Marape were NCD Governor Hon. Powes Parkop; Moresby North-East MP Hon. John Kaupa; Sarawak (Malaysia) Minister for Tourism Creative Industry and Performing Arts His Excellency Dato Sri Haji Abdul Karim Rahman Hamzah; Malaysian Ambassador His Excellency Mohamad Nasri Abdul Rahman; Chinese Embassy representative Jiliang Chen; developers of Paga Hill Paradise and members of the private sector.
PM Marape thanked the investors for having faith in Port Moresby and PNG by investing K130 million.
“My Government – regardless of colour, political divide, religion or tribe – encourages business investments,” he said.
“This is a country that has shown its ability to repay its investors with a substantial return on investments.
“Going forward, you will not be discouraged if you invest in our country, you will have a good return on your investment.
“In 1975 we had an economy that was under K5 billion, in 2011 we had an economy of K44.4 billion, in 2019 when I took over from Government we had an economy of K79.6 billion, today after three hard years – and endorsed by International Monetary Fund and World Bank – our economy is peaking at K110 billion.
“We are a nation that is growing.
“My generation of leaders envisages growing our economy to a K200 billion economy over the next eight years.
“This time, 10 years from today, our economy would have gone past K200 billion.
“As the economy expands, there’ll be a lot of room and need for services, infrastructure, buildings, entertainment precincts.
“Special economic zones are meant to be places of investment, expansion, and I thank the investors for choosing to invest here.”
PM Marape said the Port Moresby SEZ was one of many that would be established in all 21 provinces and the Autonomous Region of Bougainville.
“The special economic zones must attract investments, and we invite investors to go into those special economic zones,” he said.
“Paga Hill Precinct in the city centre has been ticked by Government as a special economic zone, with the support of the National Capital District Commission, and investors must come here to this all-inclusive ‘city within a city’ and business centre.
“This area must be given a modern outlook in line with Governor Parkop’s ambitious, but achievable, plan to deliver Port Moresby as the ‘amazing city’ of the Pacific.”
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