A diversified Chinese company based in Shaoxing in China’s eastern Zhejiang province has sent a five-man mission to the Philippines, taking a step closer to finalizing the terms for a “$100-million green textile industry park” it plans to set up at the Cagayan Special Economic Zone and Freeport in Sta. Ana, Cagayan.
Officials of the China Zhejiang Guannan Group, led by its Chairman Shaoxiong Cai, arrived in Manila this week in the final phase of its preparation before committing to a formal Memorandum of Agreement with the Cagayan Economic Zone Authority, CEZA Administrator and CEO Sec. Raul Lambino said Wednesday.
Lambino hailed the Chinese initiative as “bold, since it will break new ground” in the Freeport in the area of textile production.
Apart from textile production, the China Zhejiang Guannan Group is also into real estate development in Asia.
CEZA Deputy Administrator Agrimero Cruz signed the agreement for CEZA and Shaoxiong Cai signed for the Chinese company, which will be classified as a locator in the special economic zone and Freeport.
Up to 10,000 hectares of land in Sta. Ana and other neighboring towns could be developed to accommodate the requirements of the green textile industry park, Lambino said in a statement.
Among other structures, the park will build its own power plant, water plant, sewage disposal plant, waste processing plant and other facilities and infrastructure, Lambino added.
The Chinese firm will also invest heavily in the development of townships and real estate following its major projects in Hong Kong, Shanghai and Shaoxing.