DAVAO CITY—A Chinese investor plans to build an aquaculture processing plant in the city that will generate an estimated 10,000 jobs for Davaoeños.
On Monday, officers of Zhe Jian Fang Yuan Ship Industry Co. Ltd. led by their chairman Wen Lin Jin met with city officials to lay down their plans for a plant that would process marine products for export to China and other countries.
Davao City Investment and Promotion Center Head Lemuel Ortonio said the Chinese are looking for a 3,000-hectare area to build their plant for their long-term investment worth P3 billion.
“The plant will process marine products into dried goods that will be exported mainly to China,” he said, noting the project would be a big boost to the city’s economy.
Though the business will be solely owned by Chinese investors, the management vowed to hire 10,000 Davaoeá¹…os to work with them, Ortonio said.
“The city will not hold any ownership in the processing plant,” he added.
Aside from job opportunities, the Chinese investors will also transfer their latest technology in fishing, Ortonio said. The company is also venturing into shipbuilding and repair, and would integrate that into the aquaculture plant.
The Chinese decided to invest in the city after President Rodrigo Duterte’s visit to China last year. City government officials led by Vice Mayor Paolo Duterte also went to Shanghai to attract investments from the Chinese government.
Shanghai’s government vowed to pour investments into tourism and infrastructure development in Davao after meeting with the Vice Mayor.
Several direct flights from Davao to the different provinces of China are also being planned.