The PNG government has given the green light to investors in Paga Hill Tourism City to start implementing the project.
Tourism, Arts and Culture Minister Tobias Kulang said the PNG cabinet has approved an incentive framework for the Paga Hill Estate.
“This bold move is demonstrative of the government’s strategy to pursue foreign investment, create jobs and stimulate economy,” Mr Kulang said.
He said that the Paga Hill Estate is attracting foreign investment with a memorandum of understanding already agreed with the Shenzhen Construction and Development Group partnering with the China Harbour Engineering Company and Covec to fund and construct a five-star hotel.
The construction of Paga Hill City will cost about K3 billion.
Trade Minister Richard Maru urged the private sector to start investing in such projects as they will be “reaping their sweat” in a few years.
“If you want to invest, come to PNG and invest and see your investment become fruitful in the years to come,” Maru said.
Paga Hill Development Company CEO Gudmundur Fridriksson said it was a proud moment for the company as it took 20 years for 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 forum.
Image: Artist’s impression of Paga Hill Tourism City