CEZA bags $3.9-B Chinese investments
Credit to Author: The Manila Times| Date: Tue, 30 Apr 2019 16:19:01 +0000
The Cagayan Economic Zone Authority (CEZA) has bagged $3.9-billion worth of investments from Chinese firms during the sidelines of the 2nd Belt and Road Initiative Forum in Beijing recently.
In a statement on Tuesday, CEZA Administrator and Chief Executive Officer Raul Lambino said it signed last week with Chinese companies seven memoranda of understanding and two letters of intent on undertakings, bulk of which were infrastructure projects to develop the Cagayan Special Economic Zone and Freeport in Santa Ana.
Lambino said the China forum “brought new investments and empowered countries, including the Philippines.”
The CEZA also signed a memorandum of agreement with Fong Zhi Enterprise Corp., Shanghai Jucheng Group, Pai Hao Investment, Shenzhen Dawah Real Estates, China Zhejiang Guannan Group, Golden Millennial Quickpay and Yatai International Holdings.
The CEZA and Xiamen-based Fong Zhi Enterprise agreed to build in Fuga Island, Aparri a $2-billion smart city, which will be “patterned after its ongoing mega-infrastructure” in Fujian province, China. A cooperation agreement was signed between Fong Zhi Enterprise and Isla Fuga Resort.
Fong Zhi Enterprise is looking forward to setting up in the country an agricultural breeding center, medical schools and a high-tech industrial park. It is also eyeing for a soil improvement project.
On the other hand, Shanghai Jucheng plans to build a $150-million township and a lithium battery manufacturing plant for sustainable energy production while Pai Hao aims for a $500-million upgrade and expansion of Cagayan’s Lal-lo International Airport to accomodate wide-bodied aircrafts.
Teaming up to construct a $100-million marina, watersports training center and private villas are the Shenzhen Dawah and local holdings company Asparas Group Ltd. while targeting a $500-million “green” textile facility is the China Zhejiang Guannan Group to supply global markets.
Further, the Golden Millennial Quickpay, Inc. wants to develop a $100-million, 10-hectare financial technology hub near the proposed CEZA Global City in Barangay Rapuli while the Yatai International will be purchasing a property to accommodate its $500-million satellite city.Meanwhile, letters of intent were signed with the Baoye Construction Group and Tian Gong Construction Group to develop an integrated resort and entertainment project, golf course and other leisure and shopping facilities. TYRONE C. PIAD
The post CEZA bags $3.9-B Chinese investments appeared first on The Manila Times Online.