A diversified Chinese company based in Shaoxing in China’s eastern Zhejiang province has signed an intention agreement or a memorandum of understanding for its plan to invest $100 million “green textile industry park” at the Cagayan Special Economic Zone and Freeport in Sta. Ana, Cagayan.
Cagayan Economic Zone Authority (CEZA) Deputy Administrator Agrimero A. Cruz, Jr. and project proponent China Zhejiang Guannan Group, led by its Chairman of the Board Shaoxiong Cai.
The intention agreement the final phase of preparation before committing to a formal Memorandum of Agreement (MOA) with the CEZA Administrator and CEO Sec. Raul Lambino.
The formal MOA is expected to be signed next week. This will classify the Chinese company as a locator in the special economic zone and Freeport.
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.
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 Hongkong, Shanghai and Shaoxing.