AGC to invest substantially in Palau Integrated Resort
29 Jan 2024
Airai Global Corporation (AGC), backed by investors from Malaysia and Singapore, will invest a significant amount in the development of a massive integrated resort in Palau over the course of 10 to 15 years.
The state government of Airai and AGC have inked a cooperative agreement for the development of the integrated resort in Airai, one of the sixteen states of Palau, covering an area of 44 square kilometers (km).
The resort will include opulent resorts, waterfront villas, iconic buildings, a marina, a seaport, theme parks, and medical facilities spread across nearly 5,000 acres that will drive Palau’s economic development.
AGC is currently working on completing the project’s overall blueprint and settling on the plan’s associated costs.
According to Hayato Sugiyama, vice president and chief operating officer of AGC, Palau is anticipated to generate significant revenue from this development.
It will put Palau “on the map,” he said.
“It is going to be a huge investment, and this will be a game changer for Palau,” he said after witnessing the signing of the collaborative agreement between AGC and the Airai state government here recently.
The blueprint for the entire plan is still in preparation, and AGC is still calculating the costs involved.
Palau, located in the western Pacific Ocean, consists of about 340 islands that make up an area of 459 square km. As of 2022, Palau has a gross domestic product (GDP) of US$230 million and a GDP per capita of US$14,530, with the services industry contributing about 80 per cent of the economy.
Alvin Lee, chief development officer of AGC, said that the company is optimistic about the tourism projects because of the island’s potential for new developments, health tourism, and cultural tourism.
He revealed that the company plans to use solar power and waste management initiatives on the island, in addition to promoting eco-friendly travel.
According to Lee, the massive resort project is expected to produce a gross development value in the multi-billion dollar range.
Governor Norman Ngiratecheboet of the Airai state government, meanwhile, believes that the resort project will have a big positive impact on the state.
“We are looking forward to this project as it will offer employment for the local population, and the locals will also be able to offer services to tourists,” he said.
He emphasised that Palau is safe and secure for any kind of cooperation and that it is now “open for business.”
There will also be a passport program available for migration to Palau in an effort to increase the number of high-net-worth foreign migrants, he said.