CLARK FREEPORT, Philippines – Officials of the Clark Development Corp. (CDC) announced that a Chinese metal pipe firm is set to invest more than $35 million in a metal pipe fabrication plant inside this freeport, following the signing of a lease agreement last week.
CDC president Benigno Ricafort said the state-run firm signed a lease agreement with HLD Clark Metal Pipe Co. Inc. headed by its president Feng Zhenwei.
Gao Wenge, HLD Clark Metal Pipe vice president, was also present during the signing of the 25-year accord with the state-owned corporation.
Ricafort said the pipe firm is a subsidiary of Huludao City Steel Pipe Industrial Co. Ltd., which was founded in September 1993, specializing in high frequency straight line welding pipes used as casing pipes for petroleum products.
The project will be the first of its kind in Clark and among the biggest industrial investors that saw the potential of the freeport as an investment haven in Asia, Ricafort said.
The metal pipe project is expected to fabricate carbon steel, carbon steel pipes, and petroleum pipes.
Ricafort said the project will be located on a 52,700-square-meter land along MA Roxas Highway inside the freeport. It is expected to employ 160 workers in its first year of operation.