Deal sealed: (Seated, from left) Airai Global vice-president Melvin Ong, president Ben Lim, Ngiratecheboet and Airai State Public Lands Authority chairman Risao R. Bausoch, together with various representatives at the signing ceremony.
PETALING JAYA: Airai Global Corp’s collaborative agreement with the Airai state government for a green economy development of Palau is expected to be a substantial revenue generator for the state.
Airai Global vice-president and chief operating officer Hayato Sugiyama said the majority of countries and islands around the Pacific Ocean are tourist-based economies and most were affected by the Covid-19 pandemic.
Airai Global is a Singapore-Malaysia jointly funded investment company with a core business in tourism, health, wellness and leisure.
Hayato said the development of the island will put Palau “on the map”.
In addition, he said the strategic planning will be able to address the government’s revenue as well as the needs of tourists and locals.
“It is going to be a huge investment and this will be a game changer for Palau,” he said after the signing of a collaborative agreement between Airai Global and the Airai state government.
Airai Global chief development officer Alvin Lee said the group is confident on the tourism projects due to the opportunities the island has to offer in new developments, health tourism and culture.
Placing emphasis on preserving the natural environment of Palau, he said the group is looking at promoting eco-friendly travel, where Airai Global plans to use solar power and waste management initiatives on the island.
On collaborations with other corporate entities for the solar power initiative, Alvin said it is currently in discussions due to logistics issues.
“The question on how to transport things into Palau has always been a big issue, especially with transportation costs being massive,” he said.
He said the development is estimated to be worth multi-billion dollar, adding that the group will target green investments as well.
Meanwhile, Airai state government governor Norman Ngiratecheboet believes the state will benefit significantly from the project.
“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 now “open for business” and it is safe and secured for any collaborations.
The collaborative agreement for the development of an eco-resort together with other facilities will be cover up to 23 million sq m.
It will also involve the development of special economic zones and various fields such as non-invasive modern healthcare, premium villas, marina, seaport, tourism infrastructure and theme parks
A Passport Programme for migration to Palau will also be offered to bring about more high-net-worth foreign migration traffic.
Through its Tourism+ initiative, Airai Global aims to create an integrated leisure destination, improve tourism offerings, fortify public-private sector collaboration, broaden the pool of nations from which tourists originate and increase tourism’s diversity.
In conjunction with the signing ceremony, Pure & Cure Health Care Group was selected by Airai Global to serve as the provider of healthcare services to Palau.
The healthcare provider will have 20,000 annual healthcare tasks, including serving both locals and foreign tourists.
According to a statement, Pure & Cure will also be setting up a local cell therapy centre as part of an effort to build a global human cell database.
Palau consists of about 340 islands making up a total area of 459 sq km. As at 2022, Palau has a gross domestic product (GDP) of US$230mil and a GDP per capita of US$14,530, with the services industry contributing about 80% of the economy.
