The Special Economic Zone Authority (SEZA) applauds international companies Radisson Blu and Mayur Resources for their pioneering investments in Papua New Guinea’s Special Economic Zone (SEZ). SEZA Chairman Varigini Badira expressed his appreciation for their commitment to advancing the SEZ concept and commended the Marape Government for its steadfast support.
This announcement follows the partnership declaration by Radisson Blu and Paga Hill Development Company on Tuesday, December 19, 2023, to construct a K700 million Radisson Blu branded hotel at Paga Hill SEZ.
Mr. Badira also conveyed gratitude to Vision Blue and Apian Capital for injecting over K500 million to Mayur Resources for their transformative development, the Central Cement Lime SEZ, situated in Kido Village, Central Province.
“Paga Hill SEZ and Central Cement Lime SEZ mark the first two SEZs granted licenses by SEZA, and their progress is commendable,” stated Mr. Badira.
He continued, “I commend Paga Hill Development Company and Mayur Resources for their pioneering roles in the SEZ space in Papua New Guinea. I also extend appreciation to the Marape Government, led by Prime Minister Hon. James Marape and International Trade and Investment Minister Hon. Richard Maru.”
Mr. Badira, in inviting more companies to invest in the Papua New Guinea SEZ space, highlighted Radisson Blu as the largest hotel chain in Europe and China. The planned development at Paga Hill includes a world-class international hotel, residential, hospitality, and tourism infrastructure, transforming the landscape of Port Moresby.
“These developments, featuring a public boardwalk, cultural precincts, museum, and a casino-restaurant facility, are scheduled to commence in 2024 and are projected to employ thousands during construction,” Mr. Badira added.
Regarding the Central Cement Lime SEZ, Mr. Badira emphasised its positive progress, stating, “This groundbreaking collaboration between the mining sector and the special economic zone concept aims to boost downstream processing within the mining industry and associated supporting industries, making it a promising and pioneering partnership.”
He continued, “The project, focused on producing clinker and cement for domestic and international markets using locally sourced limestone, has secured a mining lease from the Mineral Resource Authority (MRA) and an SEZ license from SEZA. It is poised to become a significant job creator upon completion.”
Anticipating rapid economic growth in the next decade, Mr. Badira cited key developments in mining and LNG projects, emphasising the government’s focus on downstream processing through SEZs.
“The time is now for both local and international investors to explore and invest in the SEZ space in Papua New Guinea, aligning with our commitment to maximising the potential of our resources,” he said.
