The Department of Trade and Industry (DTI) anticipates investments in two industrial parks in the Philippines developed in cooperation with the Fujian province, China.
At the China (Fujian)-Philippines Joint Demonstration Zone for Economic Innovative Development & Economic and Trade Cooperation Promotion Conference at Conrad Hotel on Monday,
Trade Secretary Fred Pascual highlighted the strong economic partnership between the Philippines and China, particularly in the Fujian province in promoting the Philippines-China (Fujian) Industrial Park, particularly the Yatai Industrial Park in the Philippines.
Pascual said the initiative will provide platforms for businesses from both sides to thrive and innovate.
A project brief said Yatai Industrial Park is located in the bay area in Central Luzon, the most populous and economically developed area in the Philippines.
The park is surrounded by airports, container terminals, highways, and id a hub of transportation, commerce and logistics, and industry in the northern part of Metro Manila.
The project is eyed to be a new generator of economic growth in Northern Luzon.
Yatai Industrial Park is groomed to focus on attracting industries such as electricity and heat production and supply, ferrous metal smelting and rolling, and non-ferrous metal smelting and rolling metal products.
The Philippine-China Economic Cooperation Industrial Park, meanwhile, is located in the Freeport Area of Bataan (FAB).
Based on the project brief, phase one of the park covers an area of 1,000 hectares.
FAB is operated and managed by the Authority of the Freeport Area of Bataan.
The Philippine-China Economic Cooperation Industrial Park has one-stop administrative services, mature investment policies, complete manufacturing factors, and highly-skilled human resources to support the operation and development of processing and manufacturing, electronic semiconductors, ship- building, logistics, service outsourcing, energy, modern agriculture, and tourism.
The park mainly seeks business partners in export-oriented processing and manufacturing, modern agriculture, modern logistics, modern furniture manufacturing, petrochemical, and new energy.
Pascual said the promoting these industrial parks “will advance the economic landscape of both countries, generating investments, technological advancements, and high-quality and better-paying jobs for all.”
Pascual recognized that through trade cooperation projects, both nations are poised for stronger economic trade relations.
