Chinese fruit firm to invest 1 billion pesos in Davao City
Subscribe Now December 05, 2019 at 08:33am
Christian Cambaya, head of the Investor Assistance and Servicing Unit of the DCIPC, told MindaNews on Tuesday that the firm, Hongjiu Fruits, will initially start as importer of bananas, durian, and other local fruits.
“If the supply is more than enough in the future, they will establish a manufacturing plant in Davao City,” Cambaya added.
Matias Regis, DCIPC technical adviser for Special Concerns, said the company has been negotiating with a local partner—Jenson Agriline Corporation—in the past few months but a partnership agreement was signed only during the three-day visit of Vice Mayor Sebastian Duterte to China last month.
Once pushed through, Regis said the manufacturing plant would generate thousands of jobs and benefit local fruit farmers.
Aside from Hongjiu, Panpan Foods had also expressed similar interest to expand its operation to Davao, according to Regis.
Regis added the vice mayor signed the memorandum of understanding that would lead to the eventual signing of a sister city pact with Chongqing, a city in southwest China known as a manufacturing hub for electronic gadgets.
“The MOU states both cities’ intention of signing the sister city pact and that both parties will work towards the establishment and signing of the agreement,” he added.
He said the sisterhood agreement would highlight cooperation areas in “trade, commerce, investment, and tourism.”
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