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
Source: Philippines News Agency