Government gives green light for the construction of Paga Hill City

The Government has given the green light to the investors of the Paga Hill Tourism City to invest and start implementing the project.

In a luncheon today hosted by the Minister for Tourism, Arts and Culture Tobias Kulang says NEC has approved an incentive framework for the Paga Hill estate.

He said a State negotiation team, including members of the Departments of Tourism, Arts and Culture and Trade, Commerce and Industry, will now engage with the developer on specific terms.

“This bold move is demonstrative of Government’s strategy to pursue foreign investment, create jobs and stimulate economy.”

Kulang added that already the Paga Hill Estate is attracting foreign investment with a MoU formed with Shenzhen SEZ Construction and Development Group who will be partnering with the China Harbour Engineering Company (CHEC) and Covec to fund and construct a 5-star hotel in preparations for Apec in 2018.

The construction of the Paga Hill City will cost about K3 billion.

Minister for Trade Commerce and Industry, Richard Maru further reiterated that the Government’s plan is to settle all this agreement before going to the elections in two months’ time.

He urged the investors to start investing in such project as they will be reaping their sweat in a few years.

“This is the right time to invest. If you want to invest, come to PNG and invest and see your investment become fruitful in the years to come,” Maru told the investors.

The investors who attended the lunch include Paga Hill Development Corporation board members from Sydney, Australia and others from China.

Paga Hill Development Company CEO Gudmundur Fridriksson in a MoU signing with Tourism Promotion Authority CEO Jerry Agus and Trade, Commerce and Industry secretary, John Andrias last year (December) said it was a proud moment for the company as it took 20 years to see the proposal get off the ground.

Paga Hill Development Company will meet the total cost of construction.

The construction of the resort and cultural museum is earmarked to be completed in time for the 2018 APEC meet. 

Picture: An artist impression of the Paga Hill City

Author: 
Freddy Mou