Prime Minister Hon. James Marape extended a warm welcome today to the renowned international hotelier, Radisson Hotel Group, as they announced their partnership with Paga Hill Special Economic Zone (SEZ) to develop a K700 million Radisson Blu branded hotel on Paga Hill in Port Moresby.
In addressing the collaboration, Prime Minister Marape emphasised the significance of Radisson and other companies aligning with Paga Hill SEZ, stating, “They are in the right place at the right time in a country that will see unprecedented growth starting in 2024 and for the next 10 years.”
The Prime Minister affirmed his optimism for Papua New Guinea’s remarkable economic expansion over the coming decade, asserting that companies investing in the country will experience substantial dividends. He emphasised, “You will not go wrong in as far as Papua New Guinea is concerned.”
Speaking at a gathering on Paga Hill, attended by dignitaries including International Trade and Investment Minister Hon. Richard Maru, Radisson Hotel Group Associate Director Josie Hungerford, Paga Hill Development Company Chairman Peter Barge, Managing Director Gudmundur Fridrikson, Special Economic Zone Authority Chairman Varigini Badira, Chief Executive Officer Kikila Yavase, and others, Prime Minister Marape stated, “The economic potential of Papua New Guinea is possibly bigger than most nations in this region.”
“Papua New Guinea, over the next 10 years, will be super exciting,” he added.
Prime Minister Marape attributed this anticipated growth to six major resource projects, including the reopening of the Porgera mine, the Special Mining Lease (SML) and Mine Development Contract (MDC) for the Wafi-Golpu mine, the Final Investment Decision (FID) for Papua LNG, P’nyang LNG, Pasca LNG, and a promising new LNG discovery by Exxon Mobil in the Eastern Papuan Fold Belt.
He further highlighted Papua New Guinea’s long-term trajectory as an LNG and mineral-producing nation up to 2060 and beyond, emphasising the country’s commitment to downstream processing.
“With these major projects underway, Radisson Blu will benefit from a robust clientele once construction activity picks up,” Prime Minister Marape stated.
“Our government is actively advancing downstream processing of our resources, anticipating a significant surge in economic growth over the next 10 years.”