CHINESE INVESTMENT. Aboitiz InfraCapital Economic Estates hold an exclusive meeting with Chinese Ambassador Huang Xilian (4th from left), Trade Undersecretary Ceferino Rodolfo (rightmost), and Batangas Gov. Hermilando Mandanas (2nd from left)G at the Grand Hyatt in BGC, Taguig on June 26, 2023. AIC said the PHP300-million investment of Shenzhen-based Steelwell Industrial Hardware is a testament to Chinese businesses' confidence in the projects of the company. (Courtesy of AIC)
MANILA – Aboitiz InfraCapital (AIC) Economic Estates on Thursday said that a Chinese high-precision metal products manufacturer is investing in one of its economic zones.
AIC shared to the Philippine News Agency (PNA) that Steelwell Industrial Hardware is investing PHP300 million to construct a 1.5-hectare manufacturing facility inside the LIMA Estate in Malvar, Batangas.
The Shenzhen-based company is a world-renowned producer of metal products for industrial use.
Early this year, AIC started the construction of the fourth phase of LIMA Estate, which is a 96-hectare industrial hub.
“This significant investment showcases the confidence that Chinese businesses have in Aboitiz InfraCapital’s developments and underscores the Philippines’s potential as a strategic investment destination,” AIC said in a statement.
AIC added that there is a strong presence of Chinese locators across its Economic Estates.
“This partnership signifies the start of a new era of economic cooperation between our nations. We are dedicated to creating a favorable environment that enables Chinese businesses to invest and prosper in the Philippines, leading to a mutually beneficial outcome for both countries,” AIC Economic Estates head Rafael Fernandez de Mesa said.
Last June, AIC hosted a meeting with Chinese Ambassador Huang Xilian, Chinese Embassy Minister Counsellor Yang Guoliang, Trade Undersecretary Ceferino Rodolfo and Batangas Governor Hermilando Mandanas.
“This exclusive gathering provided a platform for key decision-makers and industry leaders from both sides to engage in constructive discussions about potential collaborations and investment opportunities,” AIC said. (PNA)
