Minister for International Trade and Investment Richard Maru urged local investors to invest in the Sea Park Development Project (SPDP) opposite APEC Haus in Port Moresby during the groundbreaking ceremony of the phase one of the project- the Azure Residences. The K2.2 billion investment of the SPDP includes the development of the Azure Residences, Era Kone Hotel and Walk (Phase 1.5), Era Kone Residences (Phase 2), and the Fountain (Phase 3). “We need Papua New Guinea (PNG) investors to partner the investors at SPDP in this exciting journey.” “I am calling on our super funds- Nasfund and Nambawan Super, our landowner companies, and other PNG investors to partner our investors here as this project still has phases two and three.” Minister Maru also called on the investors of SPDP to submit a formal submission for the Cabinet to consider and endorse this investment as a Special Economic Zone (SEZ) so it can benefit from the SEZ incentive package offered by the Government. “APEC Haus is a premier location for major international events and used out weekly so I am insisting on the SPDP investors to complement the National Government’s investment in APEC Haus with a hotel development in their master plan for phase two.” “This will aid me to secure Government approval for this project to be an SEZ.” “In principle on behalf of the Prime Minister, Hon. James Marape and the Cabinet, I will assure as soon as submissions are received the SPDP investors that we will give it a priority and make sure they also enjoy the benefits that we are offering to the Paga Hill SEZ.” “With the K2.2 billion investment they are certainly going to enjoy a 10-year tax holiday and duty-free importation of construction materials- the same incentives offered to Paga Hill SEZ.” Minister Maru expressed gratitude and acknowledged investors for choosing to invest in PNG when the country needed investments to create jobs and income generating opportunities. “Our greatest need as a country today is to secure investments because investments will create jobs and opportunities” “Assuming we lock in a couple of mining projects and other projects, I can see the economy growing at 6 per cent rate per annum for 10 to 15 years running despite our challenges.” “For the first time we are offering incentives in SEZs- that is something we have never done before.” “We are going all in to compete with the rest of the world to attract investment dollars.” “I congratulate the investors of SPDP for this very important investment.” “The returns for real estate in this country is far higher than most countries and I have no doubt that all the apartments in Azure Residences will be sold prior to the completion of the construction.” Minister Maru also thanked NCD Governor Powes Parkop and his team for collaborating with the investors to make the project happen, starting with the launching of phase one today. “I am a full believer and supporter of the concept promoted by Governor Parkop the ‘Amazing Port Moresby.’” “If the skyline can change in Singapore, why can’t it change in Port Moresby?” “The Paga Hill and Ela Beach are the only places that have the opportunity to change the skyline of our beautiful Port Moresby, the starting of a very exciting development.” “I cannot wait to see phase one, two, and three of this project started and completed because it will change our city.”