By GEORGINA MICHAEL
The Board of Special Economic Zones Authority (SEZA) today declared the formal granting of full SEZ license to Baosen International Holdings Limited with investment (Urban Mix Development) valued at K1.8billion that will be located in Boroko, Port Moresby.
This significant milestone marks another decisive step in the Marape Russo Government’s to drive foreign direct investment and economic diversification in Papua New Guinea.
Chairman of SEZA Dr Lawrence Sause said: “This development is said to transform the urban landscape of Port Moresby, featuring a blend of high and commercial residential apartments, hospitality venues and cultural tourism precincts with a total value estimated at K1.8 billion.
“Upon completion, this project will not only create thousands of operational and construction jobs but also serve as a modern commercial hub connecting Asian Markets with PNG’s growing consumer base.
“Importantly with formalizing License of Baosen International, SEZA has successfully expended its portfolio to five major licensed SEZ sites in PNG with a total foreign and domestic investment value at an amount of K10.5 billion in total. This includes, Paga Hill SEZ (Tourism & Property) valued at K4 billion, Central Limestone SEZ (Resources Hub) valued at K0.5billion, Sea Park SEZ (Tourism Mixed Used Development) value at K2.2 billion, Caution Bay SEZ (Steel Fabrication/ Training) valued at K2 billion and now the Baosen International SEZ (Urban Mix Development) which is valued at K1.8 billion,” Dr Sause said.
Executive Director of Baosen International Holdings Limited Lois Lin said: “As the investor and developer of PNG Trade Center Baosen International Holdings Limited, we are pleased to see the project formally recognized on PNG’s special economic zone framework.
“This milestone reinforce our long term commitment to Papua New Guinea and our confidence in the country’s economic potential.
“We view the PNG trade center not only as a commercial investment, but as a platform for sustainable growth, job creation and meaningful participation by local businesses.”
Ms Lin also gave a briefing a brief on the PNG Trade Center project, saying: “The PNG Trade Center project is a strategic and a transformational commercial development initially located on a premier, 108,000 square meter site in the heart of Boroko in Port Moresby.
“The site occupies a prime location earmark for commercial growth and urban reactivation, position as the largest integrated retail and culture complex in PNG.
“The PNG Trade Center is designed to significantly enhance consumer choice, stimulate competitive pricing and provide a new benchmark for quality goods and service.
“This project aligns with the government’s economic diversification agenda and is well positioned to be incorporated within the Special Economic Zone framework, creating a landmark destination for commerce, culture and tourism, while driving local and foreign investment into PNG.
“We look forward to working closely with the government and all stakeholders to deliver the lasting value project,” she concluded.