AFAB recently participated in the 10th China-ASEAN Expo (CAEXPO) and the 10th China-ASEAN Business & Investment Summit (CABIS) in Nanning, China led by the Department of Trade and Industry (DTI) and the Board of investments (BOI).
During the event, AFAB officials participated in the business matching sessions and other networking activities. Chairman Custodio presented the innate advantages that the FAB offers to its investors. From investment incentives to ecotourism projects, Custodio emphasized the viability of any locator’s investment within the FAB.
The CAEXPO is an international trade fair co-sponsored by the ministries of commerce and trade and industry of China, the 10 ASEAN countries, and the ASEAN Secretariat. It aims to promote the ASEAN-China Free Trade Area (ACFTA) and generate opportunities for cooperation and development.
This year’s CAEXPO hailed the Philippines once again as best in investment promotion. In 2012, AFAB was also among the Philippine delegation when the country received the same award.
AFAB also witnessed the signing of the Memorandum of Understanding (MOU) between the Philippine Investment Promotion Plan-Steering Committee (PIPP-SC) and the China- ASEAN Business Council (CABC) to further cooperation in investment promotion.
AFAB Chairman Custodio (Standing, far left) during the MOU signing between the Philippine Investment Promotion Plan-Steering Committee (PIPP-SC) and the China- ASEAN Business Council (CABC)
Subsequent to this event, a group of Chinese investors visited the FAB to explore investment opportunities in steel manufacturing.
In another event, AFAB officials recently met with Jebel Ali Free Zone (JAFZA) DeputyCEO and Chief Commercial Officer Ibrahim Mohamed Al Janahi at the JAFZA Headquarters to explore and strengthen points of cooperation and partnership between the two economic zones.
JAFZA is the largest and most progressive Freezone in UAE, housing more than 7, 000 businesses/industries from all over the world, including blue chip brands like – Volvo, Swarovski, etc. Moreover, it is widely considered as the leading trade and most efficient logistics hub for the Middle East region including Asia and Africa. It has developed and successfully launched a free zone in Africa, the Djibouti Free Zone.
Likewise, the FAB is known for its enormous manufacturing industry and is emerging as the fashion manufacturing hub in the country with its very strong value/supply chain in the production of high-end brands of garments, apparel, shoes and accessories. It has more than 70 multinational companies in these production activities.
Since 2010, JAFZA and Philippines through the embassy has been working closely to further strengthen bilateral trade and continuously inviting Philippine businesses to inter-link with the zone. And with AFAB’s efforts to seek mutual connections and opportunities for business partnership, it will be another stepping stone for Philippines and the Middle East region to be able to cross and reach the peak of their social, cultural and economic ties.
Leisure Hub Project
Meanwhile, AFAB also signed the FAB Leisure Hub project with LKY Group that will develop the FAB into a leisure hub and complete lifestyle community.
The project will further improve facilities in the FAB that can spur investments and create new jobs and at the same time, provide work-life balance to FAB locators and the FAB community.
The LKY Group commits to invest a minimum of P300M for the redevelopment lease of the tourism facilities in the FAB. The project covers 129,170.9 square meters of land, including its existing four-storey Hilltop Hotel, tennis and badminton court, club house, shopping center, bowling complex, cinema and other amenities. Completion of the project is set within 2 years.
For more than 30 years, LKY Group has been an energizing force throughout the Philippines, revolutionizing the development concepts of Transport Terminals, Hotels & Resorts development and management, Commercial Leasing, Retail Marketing, Construction & Property Development, Food Operations, Travel and Tours and Housing Development.
With the increasing number of locators and activities in the FAB, this project will set off sporting and recreational opportunities for its existing locators and prospective investors.
Future Investment Projects
Aside from the Leisure Hub Project, the FAB is also looking into investment partnerships in the construction operation of cargo port/ferry port, industrial estate development, fabric/accessories park development and building of a designs and innovation center to service the manufacturing industries.