Prime Minister James Marape led the groundbreaking ceremony last Friday for the second phase of the BAOSEN Chinatown development in Boroko, describing the project as a major investment that will boost private sector growth, create jobs and strengthen Papua New Guinea’s economy.
The second phase development will feature high-rise residential apartments to complement the new shopping mall and the proposed third stage hotel development onsite.
Related news: https://tvwan.com.pg/news/10543
All these developments were widely reported to have costed K2 billion.
The ceremony was attended by National Capital District Governor Powes Parkop, Minister for International Trade and Investment Richard Maru, executives of BAOSEN International Holdings Ltd and invited guests.
PM Marape said the project was made possible through the Government’s Special Economic Zone policy and partnership with the private sector.
“This place has been grassland up to today. Our Government, under the leadership of Minister Maru, decided to use the Special Economic Zone policy and bring in a private sector partner,” he said.
PM Marape said Papua New Guinea must build a stronger private sector to drive economic growth and employment.
He said the country should gradually move away from relying on the public sector as the main engine of the economy and allow greater private sector participation.
The Prime Minister also thanked Chinese investors for their continued confidence in Papua New Guinea since Independence in 1975 and reaffirmed the Government’s One China Policy.
Minister Maru announced that Papua New Guinea and China will jointly host the first PNG-China Business Forum and Trade Expo in Guangzhou from October 20 to 21.
“We have been hosting the Expo and Business Forum in Australia for 41 years. This year we will host our first forum in China,” Minister Maru said.
He said Chinese investors had shown the strongest interest in investing in Papua New Guinea during his time overseeing the country’s Special Economic Zones.
“I want to commend the Chinese Government and the Chinese people for your confidence and trust in our country. Four generations of Chinese have lived in Papua New Guinea and many have become part of our communities,” he said.
Minister Maru also announced that the BAOSEN shopping mall is expected to open by December, providing Port Moresby residents with another major retail center.
Governor Parkop described the groundbreaking as another milestone in the three-phase BAOSEN development.
He said construction had been delayed by the COVID-19 pandemic because the company’s project team was based in Wuhan, China, where the outbreak first began.
“However, you have seen the progress now,” Governor Parkop said.
He said the shopping mall was nearing completion, and the third phase of the project would include a hotel.
Governor Parkop said the full development would transform Boroko into a major commercial hub over the next five years with shopping facilities, apartments, a hotel and new business opportunities.
He said the project would create jobs, attract investment and contribute to the growth of Port Moresby and the national economy.
The ceremony concluded with PM Marape, Governor Parkop, Minister Maru and invited guests officially breaking ground for the second phase of the BAOSEN Chinatown development.