(From left) Airai Global vice-president Melvin Ong, Airai Global president Ben Lim, Airai state government of Palau Governor Norman Ngiratecheboet and Airai State Public Lands Authority chairman Risao R Bausoch at the signing ceremony. Also present to witness the signing were Airai Global and Palau states officials (back row) including Airai State Public Lands Authority director Ronronny Ngirachereang, Airai Global director Glenn Karl Seid (third from left) and vice-president and COO Hayato Sugiyama (second from right) and Airai State Public Lands Authority director Punssen Imetengel (right).
Airai Global Corporation, an investment firm jointly funded by investors from Singapore and Malaysia, has partnered with the Airai State government of Palau to initiate a sustainable economic transformation in the Republic of Palau. This joint effort aims to revolutionise eco-tourism and healthcare in Palau which is situated in the western Pacific Ocean.
Mr Norman Ngiratecheboet, the governor of Airai State government.
Through this collaboration, Airai Global will develop an integrated eco-resort with additional facilities covering a total area of up to 23 million square meters, which will have a positive impact on Palau’s economic growth.
Palau consists of about 340 islands making up a total area of 459 km². As at 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% of the economy.
Following the collaboration agreement signing on January 18 at Sheraton Hotel, Petaling Jaya, Airai Global highlighted that the project’s scope extends beyond, encompassing special economic zones and diverse sectors such as non-invasive modern healthcare, exclusive tailor-made premium villas, marine facilities, seaport infrastructure, tourism facilities, and theme parks.
Company and state officials gracing the signing ceremony were (from left) Pure & Cure Group directors Shelken Ooi and Jack How, Airai Global chief development officer Alvin Lee K H, investor Zou TeFeng, president Ben Lim and director Terrance Ruluked, Airai State Public Lands Authority chairman Risao R Bausoch, Airai State Government of Palau Governor Norman Ngiratecheboet, Airai State Public Lands Authority directors Ronronny Ngirachereang and Punssen Imetengel, Airai Global director Glenn Karl Seid and vice-president and COO Hayato Sugiyama, Pure & Cure Group CEO Anngerlize H’ng and adviser Gan S Y, Airai Global vice-president Melvin Ong and Pure & Cure Group chief scientist Dr Sellamuthu S G
With a core business integrating tourism, health, wellness, and leisure, the company aims to complete the project, estimated to be worth billions of dollars, within a timeframe of five to 10 years.
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.
Additionally, the Passport Program for Migration to Palau has been introduced to attract high networth foreign migration traffic.
Meanwhile, regional healthcare player Pure & Cure Health Care Group was selected by Airai Global to provide high-quality healthcare services to Palau. The healthcare player will have 20,000 annual healthcare tasks, including serving both locals and foreign tourists.
Great opportunities in Palau
According to Airai Global director Glenn Karl Seid, Palau is currently positioned to emerge as one of the most economically dynamic small island nations globally, under the leadership of President Surangel Whipps.
Glenn Karl Seid, Director of Airai Global Corporation.
“We are told that the origin of the Palauan language is Malay, and also the Palauan people. And my colleagues and I have travelled around the world looking for investment. And now we are finally here in our origin.
“We have met with President Whipps and discussed our trip to Malaysia and the projects we plan, and he is very supportive of our efforts. Airai State and the National Government of Palau will provide full support of the projects in Airai,” Glenn said during his opening speech at the signing ceremony.
“There are many great opportunities between Malaysia and Palau. And especially with the great state of Airai. Airai is strategically located next to the main city of Koror and only connected by a bridge. But I can tell you this, it will not be long after we start these projects that Koror will be located next to the main center of Airai State.
“With the beauty of Palau and the knowledge and resources that you have, we can work together and implement some of these excellent projects. We believe that these projects will provide many mutual benefits to Airai State and the Republic of Palau and Malaysia, and our people,” Glenn added.
Meanwhile, Airai Global vice-president and chief operating officer Hayato Sugiyama highlighted the economic challenges faced by Pacific Islands nations – including Palau, Papua New Guinea, Chile and Indonesia – due to the decline in tourism caused by the Covid-19 pandemic.
With the gradual improvement in the Covid-19 situation and the resumption of travel, he noted that competition between these countries for tourists has intensified.
“This development will significantly elevate Palau’s profile. It is a huge investment and a game-changer for Palau. We are fully dedicated to collaborating with our partners in Malaysia to ensure its success,” explained Hayato.
Mr Norman Ngiratecheboet, the governor of Airai State government, said the project is expected to benefit the local community, by providing them with employment opportunities and enabling them to provide services to tourists.
“Airai state is open for business and is seeking collaboration and partnership for investment to the State of Airai. We see that clearly with Airai Global and we are ready to take our collaborations to the next level,” he said.
