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Manila Bulletin devider Business devider $3.9 B in Chinese investments committed to CEZA projects

$3.9 B in Chinese investments committed to CEZA projects

Published Apr 30, 2019 12:00 am
By Bernie Cahiles-Magkilat The Cagayan Economic Zone Authority (CEZA) is the future site of various Chinese projects in infrastructure, manufacturing and fintech investments worth $3.9 billion. Secretary Raul Lambino, administrator and CEO of Cagayan Economic Zone Authority (CEZA) Secretary Raul Lambino, administrator and CEO of Cagayan Economic Zone Authority (CEZA) CEZA Administrator and CEO Raul Lambino, said the committed investments were signed at the sidelines of the recently concluded 2nd Belt and Road Initiative (BRI) Forum in Beijing. CEZA signed seven Memorandum of Understandings (MOUs) and two Letters of Intent (LOIs) with Chinese companies, mostly for infrastructure projects in Santa Ana that he hopes would propel the Cagayan Special Economic Zone and Freeport’s development. Lambino said CEZA signed MOUs with Shanghai Jucheng Group, Pai Hao Investment, Shenzhen Dawah Real Estates, China Zhejiang Guannan Group, Golden Millennial Quickpay and Yatai International Holdings. He said CEZA also signed an MOU with Xiamen-based Fong Zhi Enterprise Corp. for the construction of a $2-billion Smart City in Fuga Island, Aparri town to be patterned after its ongoing mega-infrastructure project in Fujian province, China. The company would also set up an agricultural breeding center and soil improvement project, build medical schools, promote culture and tourism and establish a high-tech industrial park. A separate strategic cooperation agreement was signed between Fong Zhi Enterprise Corp. with Isla Fuga Resort., Inc., owner of Fuga Islands that boasts of pristine white sand beaches, unspoiled flora and fauna and warm sea water. Lambino said CEZA also signed LOIs with Baoye Construction Group and Tian Gong Construction Group based in Shaoxing City for the development of an integrated resort and global entertainment projects, a world-class golf course and other leisure and shopping facilities. Shanghai Jucheng is planning a $150-million township and manufacturing plant for lithium batteries for sustainable energy production while Pai Hao is looking to invest $500 million for the upgrade and expansion of the Lal-lo International Airport for wide-bodied aircrafts. Shenzhen Dawah would partner with the Apsaras Group Ltd. to establish a $100-million marina, watersports training center and private villas while China Zhejiang Guannan Group plans to put up a $500-million “green” textile production hub for global distribution. Golden Millennial Quickpay Inc. plans to build a $100-million Fintech Hub in its 10-hectare property near the proposed CEZA Global City in Barangay Rapuli while Yatai International will acquire property for its $500 million satellite city. Lambino described the gathering of world leaders “as a highly successful event that brought new investments and empowered countries, including the Philippines, participating in China’s Silk Road project.”
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