Chinese group to make $ 6 Billion Dollars 'friendly' investments in the Philippines amidst tension in Spratlys

Chinese group to make $6 –Billion Dollars ‘friendly’ investments in the Philippines amidst tension in Spratlys

To revitalize business ties between China and the Philippines, a group of Chinese investors aims to set up a special economic zone in the country.

The Philippine-China Special Economic Zone, will also be known as “a friendship center for world peace," according to a statement released Friday.

Hong Kong-based China Trend Investments Ltd., represented by Chan Wai Keung, Garic Chung, Gan Hongzi, Charlie Chen, and Thomas Ng, plans to make a courtesy call on Malacañang within the next two months.

This month they will meet with President Benigno Aquino III to introduce the “friendly" investments and talk about possible ventures in mining and agriculture.

“We see an initial investment of $6 billion for infrastructure and other development projects, including employment of Filipinos," said China Trend director Chung.

The proximity of China to the Philippines makes the investment an ideal thing to do, Chung said.

The Chinese group also met with representatives of Vulcan Industrial & Mining Corp. and Vulcan Materials Corp.

Vulcan Industrial executive vice president Patrick Caoile in an interview with reporters said there was a brief discussion on a possible joint venture with Vulcan Industrial and its subsidiary Vulcan Maetrials.

“There are ongoing negotiations between Vulcan and China Trend, and we have presented our projects they might find interesting," said Caoile, who is also the president of Vulcan Materials.

He added that they are on their way to Ilocos on July 1, 2011 to visit some mining sites.



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