The announcement of partnership by Radisson Blu and Paga Hill development company today to build an international Radisson Blu branded hotel at Paga Hill Special Economic Zone (SEZ) marks the start of transformation of Paga Hill, says the Minister for International Trade and Investment, Hon. Richard Maru.
“Radisson Blu is the largest hotel chain in Europe and China and the second largest in the world. It is one of the largest and fastest growing global hotel groups with a strong reputation
and distribution across key source markets in China, India, the United States and Europe and their world-class investment in Port Moresby will be the apex of Paga Hill Special Economic Zone,” said Minister Maru.
Detailed designs have been prepared for a sprawling hotel precinct atop Paga Hill. In a landmark development that will re-establish Paga Hill’s former profile, the hotel precinct will feature a boutique hotel with 229 rooms, as well as 38 serviced apartments and 20 luxury villas that access premium hotel amenities of infinity pools, restaurants and bars, executive lounge, gym, and health spa. The development will also feature boutique retail outlets, a number of long-stay and permanent residential apartments, as well as Port Moresby’s largest conference and event facilities, leveraging spectacular panoramic views over the harbor and out to sea.
Minister Maru thanked the investors for the confidence in investing on this landmark K700 million hotel development in Port Moresby which will take 2 years to build starting in June 2024.
“You are not making a mistake to invest in Papua New Guinea. You are following on the back of some of the world’s global leaders in the mining and petroleum sector like Newmont, Exxon Mobil and Total. In the agriculture space we have Wilmar International Limited, one of the world’s leading agriculture companies, in fact the largest and most integrated leading agribusiness group in the Asia-Pacific Region who are already investing in Papua New Guinea and want to invest more in partnership with the Government of Papua New Guinea. You will also be joining an interesting family world leaders in the hotel and hospitality industry. We already have Coral Seas, Crown Plaza, Holiday Inn and Hilton. Radisson Blu will be an icing on the cake,” said Minister Maru.
Minister Maru said this was timely with Prime Minister, Hon. James Marape recently announcing the Government’s forecast for substantial economic growth, forecasting our GDP to grow to K120 billion in 2024 and a further surge to K200 billion by 2030, propelled by six major resource projects. These projects include the Porgera Mine, Wafi-Golpu Mine, Papua LNG, P’nyang LNG, Pasca LNG, and an exciting new gas field discovered by Exxon Mobil in the Eastern Papuan Fold Belt.
“This will mean sustained economic growth on an average of 5 per cent for over 20 to 30 years starting next year when Porgera Mine and Papua LNG commences, and the demand for hotels, apartments, and world-class accommodation will go through the roof,” said Minister Maru.
Minister Maru further stated: “This is a very exciting announcement at a very strategic time and a very exciting time in our nation’s history. This investment could not have come at a better time because the inaugural direct flight between Guangzhou and Port Moresby will arrive tomorrow. We are targeting Chinese tourists so we need hotels like this to cater for their taste and we must have products and services like the casino to attract them to come to Papua New Guinea. China has over 100 million tourists travelling around the world each year and Papua New Guinea does not enjoy a share of this market. With direct flights between Guangzhou and Port Moresby we will be able to start attracting tourists from China, but without such world-class facilities Radisson Hotel, casino, and other facilities and tourism products we cannot market Papua New Guinea as an attractive tourism destination. We need products and infrastructure that will cater for this growing market that we have not been able to tap into over the years.”
Minister Maru added that he was excited that this investment within the Paga Hill SEZ would play a central role in a PNG tourism resurgence.
“I hope that the announcement of partnership today and this investment will trigger other investments within and around the Paga Hill Special Economic Zone. We are also excited about the plan for a casino and other developments within the Paga Hill Special Economic Zone. The investors who invest in this zone will enjoy benefits like duty-free access for the construction materials, and tax holidays. We are not only looking at hotels and a casino, but we are also looking at shopping centres, private hospitals, and up to about four new Government offices to be developed within the Paga Hill Special Economic Zone,” said Minister Maru.
Minister Maru further added: “I am calling on Paga Hill development company to work with other investors to make our vision to transform the city through Paga Hill Special Economic Zone a reality. We want it to be a city within a city in the Paga Hill Special Economic Zone under our overall amazing Port Moresby concept. My ministry is partnering NCDC to transform Port Moresby and Paga Hill Special Economic Zone is the most logical place to transform our city like the Marina Bay Sands in the heart of Singapore.”
Minister Maru welcomed the Radisson Blu and said: “This project is of highest priority for the Marape-Rosso Government and as the Minister responsible for International Trade and Investment I want to assure Radisson Blu of our Government’s full support and that of all our State agencies including our Special Economic Zone Authority. We want to go past the announcement today to see the start of the construction of this very high profit investment that will change the outlook of our city and create the much-needed jobs and encourage more investments in the Paga Hill Special Economic Zone. I thank all the investor partners in this exciting project and look forward to the construction phase to commence. I also want to reassure you of the total support of the Marape-Rosso Government led by our Prime Minister, Hon. James Marape for this project and offer the investor partners our best wishes for the success of this project.”
