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TOKYO, Oct 7, 2015 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce the launch of a new industrial park in the Philippines. The park, Cavite Technopark, will be developed by Laguna Technopark Inc., a joint venture between MC and Philippine real estate developer, Ayala Land Inc., and will be located on 118 hectares of land in Cavite Province. The project will be executed at a total cost of 41 billion Philippine pesos.
Only 45 kilometers away from Makati City, the heart of Metro Manila's business districts, this prime location promises easy access not only to a vibrant city center but also to major transport infrastructure such as Manila's Ninoy Aquino International Airport and the Port of Manila. The setting is ideal for foreign investors seeking to establish export processing zones or set up logistics hubs aimed at the domestic market. Furthermore, this industrial park will be accredited as a special economic zone by the Philippine Economic Zone Authority and occupants will be offered incentives, including tax benefits.
The Philippine economy has been growing steadily, with GDP growth rates of over 6% for the past three years. The population has also grown rapidly, exceeding the 100 million mark in 2014. With an average growth rate of 2% per annum, this demographic trend is expected to continue. The remarkable rate of economic growth, an abundant labor force, and English as one of the country's official languages, are among the factors that most attract foreign investors to the Philippines.
Established in 1989, Laguna Technopark has already developed a 470-hectare industrial park, Laguna Technopark, in Laguna Province. The high level of economic growth in the Philippines has given rise to a growing demand for industrial parks. This new project will help meet that demand while allowing Laguna Technopark to expand its business.
Drawing on the know-how acquired from the Laguna Technopark project, Ayala Land, Laguna Technopark and MC will work together to facilitate the entry of investors from Japan and other countries seeking to set up operations in these industrial parks and, in so doing, continue to contribute to job creation and overall economic development in the Philippines.
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Real Estate & REIT, Construct, Engineering
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From the Asia Corporate News Network
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