CDO business group wants $300-M glass factory to locate in Phividec

The Cagayan de Oro Chamber of Commerce and Industry wanted the Heibi Jingnu Glass Company Ltd. to put up a plant at the Phividec Industrial Estate in the towns of Villanueva and Tagoloan in Misamis Oriental.

Heibi Jingnu is reportedly looking for a suitable location for plant in the Philippines and is planning to invest $300 million.It was not clear, however, if the firm will bring in all the needed capital or borrow part of it from local banks.

In a resolution inviting the China-based firm, Oro Chamber cited the area’s advantages in terms of location and support amenities that can be provided by this city.

“Phividec Industrial Estate can adequately provide a suitable area for such project located along a deep shoreline and is very proximate to Mindanao International Container Terminal, the biggest international port in Mindanao which is also located in the Estate,” the resolution said.

The resolution also said Mayor Vicente Emano has “strongly expressed support for the establishment of such a project at the Phividec Industrial Estate and the local government units of Tagoloan and Villanueva’s support for such project can be very easily obtained.”

600450 CDO business group wants $300-M glass factory to locate in Phividec
Date: 14 June 2005

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