MANILA, Philippines — Diversified firm China Zhejiang Guannan Group is planning to set up a $100 million green textile industry park at the Cagayan Special Economic Zone and Freeport in Sta. Ana, Cagayan.
In a statement Tuesday, Cagayan Economic Zone Authority (CEZA) administrator and chief executive officer Raul Lambino said officials of China Zhejiang Guannan Group, led by its chairman Shaoxiong Cai, were in the country last week to formalize the plan to put up a green textile industry park at the freeport.
Under the memorandum of agreement signed by CEZA deputy administrator Agrimero Cruz Jr., and Cai, China Zhejiang Guannan would be classified as a locator in the special economic zone and freeport.
China Zhejiang Guannan’s textile industry park, which will cover 1,000 hectares, will have its own power plant, water plant, sewage disposal plant, waste processing plant and other necessary facilities and infrastructure.
China Zhejiang Guannan is engaged in both textile production and real estate.
The firm presently has real estate projects in Hong Kong, Shanghai and Shaoxing.
While CEZA is positioning the freeport as the “FinTech City” or the “Silicon Valley of Asia” by encouraging firms engaged in financial technology and overseas trading of cryptocurrencies to set up operations, Lambino said the agency would also want to attract investments for other projects.
Among the firms which have announced plans to invest at the freeport is Chinese firm Shanghai Jucheng Supply Management Group. It will build an integrated $100 million leisure resort to feature luxury hotels, malls, duty-free shops and business process outsourcing offices.
Chinese firms Eminova Asset Management Ltd. and Hunan Goke Maglev Technology Development Ltd. are also setting up a $1 billion training and production center for Maglev trains.
As of end-September, CEZA’s revenues hit a record high of P518.30 million, 212 percent higher than the P166.34 million in the same period a year ago.