KOREAN DEVELOPER EYES PELELIU RESORT PROJECT

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By Agnes M. Abrau

KOROR, Palau (Palau Horizon, Jan 2) — A Korean firm is keen on investing in [a major resort and golf course project on] Peleliu Island.

The company, Interpacific Connection Inc. owned by Jae-Kook Chang, is in the process of establishing its business requirements at the Foreign Investment Board through a lawyer.

[PIR editor’s note: Peleliu, the scene of one of the bloodiest battles during World War II, is just south of Palau’s main island of Babeldaob. ]

Chang owns a news agency called Newsis News Agency and an 18-hole golf club in the Republic of Korea.

In a letter from Soon Seob Ha to Senate President Johnny Reklai and House Speaker Augustine Mesebeluu dated Dec. 11, Ha said Chang is "very much fascinated with the beauty of the island when he came for a visit in August of this year thus, considered a potential investment for the Republic."

Chang’s potential investment in Peleliu is estimated to reach between US$120 to US$150 million. The company plans to develop two 18-hole golf courses, a 200-room resort and 100-room hotel, one natural park, an international airport, casino and other convenient and leisure facilities.

Ha said Chang has expressed his desire to the FIB and even to President Remengesau through writing.

Ha also asked the Legislative Branch leaders to take into consideration the said potential investment by proposing the casino bill open to all states.

In August of this year, Chang expressed his interest on investing in Palau to develop the recreation facilities in Peleliu.

According to the FIB, hotels and golf courses may be 100 percent owned by non-citizens of Palau pending approval by FIB.

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