Yap, Chinese Resort Group Sign Investment Agreement
Island to become ‘one of the main tourist destinations in the Pacific’
August 15, 2012
Resource: Marianas Business Journal
Colonia, YAP (Marianas Business Journal, Aug. 13, 2012) – An investment agreement was signed by the Yap state government and the Chinese resort development firm Exhibition & Travel Group (ETG) during a ceremony at the Pacific Dive Resorts in Colonia on Aug. 11, according to release from Yap state.
The agreement was signed by Gov. Sebastian Anefal and Deng Hong, chairman of ETG of the People’s Republic of China, according to the release. Also in attendance were the governor’s cabinet; chairman, vice chairman and members of the Traditional Council of Pilung; chairman of the 8th Legislature Standing Committee on Government, Health and Welfare; and members of the public.
According to the release, in a brief statement, Anefal said, “the year 2023 brings an end in the economic provision of the Compact between the Federated States of Micronesia and the United States, to me that would be the funeral for the Federated States of Micronesia. If you want to prolong and postpone this funeral ceremony then I think we have to take a bold step and this is the right time to do so. During the remaining 10 to 11 years before 2023 I think Yap has to do something.”
Hong thanked the government and the people of Yap for accepting the investment proposal. He said this visit has opened a new page of close relation between Yap and ETG. He also said that by working together, ETG will build Yap to become one of the main tourist destinations in the Pacific region. Hong has mentioned that ETG would be able to complete the construction of all the facilities in Yap within the next five years from that day of signing if things are moving forward according to plan.
After the state legislature concluded the series of oversight hearings with the administration regarding the agreement, the state government returned to ETG to discuss the issue with their legal counsels before the signing of the agreement.
Prior to the signing of the investment agreement, the Council of Pilung requested both the executive and legislative branches of the government expedite their work on the agreement so the project could start to move forward, according to the release.
According to an ETG flyer posted on the Nature’s Way website, ETG’s investment plan includes construction of 4,000 hotel and resort rooms, exhibition and convention centers, entertainment centers, an ocean park, golf courses, marina and yacht clubs, a duty-free shopping area, a food and beverage area, and a museum. The plan also includes infrastructure upgrades to the Yap airport terminal, roads, sewage treatment facilities, water supply and power system. Public service facilities in the ETG plan include a hospital, sports center, school, entertainment facility and public transportation.
Original Resource: Marianas Business Journal