The Cagayan Economic Zone Authority said Tuesday it secured investment commitments of $3.9 billion at the sidelines of the recently-concluded 2nd Belt and Road Initiative Forum in Beijing, China.
Ceza administrator and chief executive officer Raul Lambino said Chinese investors pledged the investments through seven memorandums of understanding and two letters of intent signed during the forum.
The deals, he said, were mostly for infrastructure projects in Santa Ana, Cagayan that would propel the Cagayan Special Economic Zone and the free port’s development.
The agreements signed were with Shanghai Jucheng Group, Pai Hao Investment, Shenzhen Dawah Real Estates, China Zhejiang Guannan Group, Golden Millennial Quickpay and Yatai International Holdings.
Shanghai Jucheng plans to develop a $150-million township and manufacturing plant for lithium batteries to promote sustainable energy production, while Pai Hao is looking to invest $500 million for the upgrade and expansion of the Lal-lo International Airport to accommodate wide-bodied aircrafts.
Shenzhen Dawah plans to team up with Apsaras Group Ltd. to establish a $100-million marina, water sports training center, and private villas, while China Zhejiang Guannan Group committed to put up a $500-million “green” textile production hub for global distribution.
Golden Millennial Quickpay Inc. plans to build a $100-million fintech hub in its 10-hectare property near the proposed Ceza Global City in Barangay Rapuli, while Yatai International will acquire a property for its $500-million satellite city.
Ceza also signed an MOU with Xiamen-based Fong Zhi Enterprise Corp. for the construction of a $2-billion Smart City in Fuga Island, Aparri town to be patterned after its ongoing mega-infrastructure project in Fujian province, China.
The company will also set up an agricultural breeding center and soil improvement project, build medical schools, promote culture and tourism and establish a high-tech industrial park.