MANILA -- Another Chinese company is setting up its textile business in the Cagayan Special Economic Zone and Freeport (CSEZF) as the Cagayan Economic Zone Authority (CEZA) follows through on its efforts to lure investors from China.
In a statement Tuesday, CEZA Administrator and Chief Executive Officer Raul Lambino said the China Zhejiang Guannan Group is seeking to invest around USD100 million for a green textile industrial park in CSEZF in Sta. Ana, Cagayan.
Lambino said the Zhejiang Guannan Group is already “in the final phase of preparation” before signing an agreement with the agency.
He said the Chinese company will be needing 10,000 hectares of land in Sta. Ana and its neighboring towns, transforming the area into a green textile industrial park.
The industrial park will involve a textile production facility, power plant, water plant, sewage disposal system, waste processing facility, among other infrastructures.
Five executives are visiting the country this week to finalize the terms for this investment plan.
According to CEZA, the Zhejiang Guannan Group is based in Shaoxing in the eastern Chinese province of Zhejiang.
Aside from textile production, it has real estate developments including township projects in Shaoxing, Shanghai, and Hong Kong. (PNA)