DTI chief reminds Chinese investors of their iron processing investment
By Bernie Cahiles-Magkilat
Department of Trade and Industry (DTI) Secretary Ramon Lopez has met with Xiamen C&D Inc. and urged the company to commence implementation of their committed $50-million iron processing plant in Mindanao.
Lopez held a business meeting with Xiamen C&D Inc. executives led by Vice President Dongxu Chen, C&D Logistics Group Co., Ltd. General Manager Yueha Chen, and MinaVida de Mindanao Corporation (MMC) officers headed by Chairman Alex Fu early this week.
During the meeting, Lopez relayed to the Chinese that the commencement of signed projects sends a strong signal in the deepening relationship between Philippines and China.
Lopez tried to engage with Chinese investor group to discuss the details of their expansions and even dangled the menu of incentives provided by the Philippine government.
During President Duterte’s state visit to China in April this year, C & D signed a commitment to invest $50 million for an iron processing plant in Agusan
Last April together with Fu Properties Inc and their Filipino partner Adnama Mining Resource Inc. The investment covered construction, operation, marketing, as well as management of the plant.
“President Rodrigo Duterte and his administration are supportive of investment projects that have high impact in improving the lives of Filipinos, providing jobs and opportunities especially those at the bottom of the pyramid. We are optimistic of our stronger relationship with China following the big ticket projects in infrastructure, manufacturing, and energy,” said Lopez.
Xiamen C&D has presence in the Philippines’ renewable energy industry through their local partners Pulangi Hydro Power Corporation (PHPC) and Liangan Power Corporation.
Xiamen C&D is a renowned supply chain operator in China and has AAA level credit standing enterprise rating. It also ranked 39th among their country’s Top500. C&D Logistics Group Co. Ltd, China’s top 100 logistics enterprise, handles the marketing and chartering support for the operations of MMC.
“This is the best time to increase your investments in the Philippines. Apart from the strong macroeconomic fundamentals, we have initiated various policy and economic reforms to attract more investors that will partner with us,” the trade chief added.
PHPC is the group that recently started the 250-MW Pulangi hydropower plant in Bukidnon.
MMC is involve in a large-scale nickel project with substantial high-grade mineral reserves and integrated metallurgical operations in Languyan, Tawi-Tawi.
Meanwhile, Chen commended Philippines’ good business environment and expressed their strong confidence in the country’s economy. He likewise committed to start their project immediately.
Fu also relayed their company’s intention to continue doing business in the country and grow their operations in real estate, mining, as well as hydro power.
Source: Manila Bulletin