Chinese firms commit $3.9-B to CEZA projects

April 30, 2019

SECRETARY Raul Lambino yesterday announced he has secured Chinese commitment for investments worth $3.9B on the sidelines of the recently concluded 2nd Belt and Road Initiative (BRI) Forum in Beijing.

Lambino, administrator and CEO of the Cagayan Economic Zone Authority, said 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 a 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 Bgy. 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.”