The Chinatown development project in Port Moresby has been described as one of the largest private foreign investments in the country’s history. Work on this massive Chinese investment began in 2019 but was stopped due to COVID-19 Restrictions.
Prime Minister James Marape described the K3-billion project as a powerful vote of confidence in PNG’s economy and its long-term future.
The investment will include apartments, shopping malls, restaurants and a cinema and is worth over US$400,000.
Marape commended the Chinese developer, Baosen International Holdings Limited, for its vision and confidence in Papua New Guinea.
“First of all, I commend the Investor for choosing to invest in Papua New Guinea. K3-billion is not little money. We greatly appreciate the faith that our friends from China have placed in Papua New Guinea,” said Marape.
Upon completion, it is expected to become one of Port Moresby’s largest integrated commercial developments and provide employment opportunities for more than 1,000 Papua New Guineans during construction and ongoing operations.
Marape said the Five-Mile Chinatown Development will transform what had remained largely idle land into one of the country’s premier commercial precincts.
“What was once open grassland sitting idle for many years will now become home to K3-billion worth of investment. These buildings will remain here for generations. They will create jobs, generate business opportunities and add permanent value to our capital city and our economy,” said Marape.
The launch of this multi-billion-kina investment came two weeks after the PNG Government announced it was closing its Taiwan Office in the country.
PNG Foreign Affairs Minister, Justin Tkatchenko said in a statement that PNG supports China’s One Belt- One Road Policy and will no longer allow Taiwan to operate its physical office in Port Moresby.
Marape said the PNG-Chinese relationships was first developed in the 1800s when Chinese migrants first arrived in PNG, set up businesses and contributed to the building PNG’s economy in the early days.
“China and Papua New Guinea share a long history. Since the first Chinese migrants arrived in our country in the nineteenth century, they have become part of our communities and have contributed immensely through retail, restaurants, plantations, commerce and many other sectors,” said Marape.
Marape said the Investment reflected growing international confidence in Papua New Guinea’s Economic direction under his government, investors recognize the country’s strategic location and long-term growth prospects.
“They have seen the progress our country is making and have chosen to become part of our journey into the future. Investments of this magnitude do not happen by accident. They happen because investors have confidence in the future of our nation,” said Marape
The PNG Government said many decades of economic and business exchanges between the two countries have passed but the Marape-Rosso government now welcome another generation of investors who continuing that proud tradition,” said Marape.
The mixed-use Chinatown development is planned as a modern commercial and residential precinct comprising of retail outlets, restaurants, office complexes, modern apartment buildings and business facilities.
He said the Project aligns strongly with the Government’s broader Economic Strategy of encouraging quality Foreign Direct Investment while creating lasting economic assets for Papua New Guinea.
Marape said such Developments contribute significantly to urban renewal while creating new opportunities for local businesses, contractors, service providers and small and medium enterprises.
