Asian Investors Eye Ventures in Subic

 

SUBIC BAY FREEPORT: An investment and development group based here recently hosted some 150 investors from different countries in Asia to explore investment opportunities and be part of this rapidly growing economic and investment hub.

Samuel Lim, group chairman of Sinosun Subic Bay Holdings Corp.; Stefani Saño, senior deputy administrator of the Subic Bay Metropolitan Authority (SBMA); and Olongapo City Mayor Rolen Paulino welcomed the investors from China, Singapore, Malaysia, Thailand and other countries who attended the Subic Bay Development and Investment Conference on Tuesday.

Lim told The Manila Times that the objective of the conference is to bring global investments to the Philippines and that Sinosun and its partners chose Subic Bay because “it is a freeport and a special economic zone and the most successful military base conversion.”

Sinosun, according to its website, plans to transform Subic Bay into a sustainable and well-rounded green, safe and smart city where there will be a balance between modernization and conservation of not only the environment but also its rich arts and culture.

It will showcase Subic Bay as a model city for development that can be replicated and applied to other regions of the Philippines targeting significant long-term growth in promoting infrastructural and economic development.

Lim said Sinosun and its partners, which include China State Construction, China Railway Construction, China Engineering Corp. China Hualu Group and China Overseas Holdings Group, as well as those involved in communication satellites, communication solutions and aerospace, are committed to employment creation in Subic Bay and beyond.

He also told visiting business delegations that Subic Bay is a separate territory within the Philippines where there is free flow of goods and services.

Sinosun’s plans involve the development of an industrial zone, a Subic Bay multi- functional transhipment port, a logistics center, a wind farm, a hydro electric power plant, a photo voltaic power station, coastal resorts and a five-star hotel and casino, all in the Redondo Peninsula.

In the existing central business district, Lim said there is also a plan to develop a ferry and cruise ship terminal, Subic Bay villas and resorts and a financial technology institute.

In the city of Olongapo, the group also plans to develop the Olongapo City Public Market and the Kalaklan Ridge.