Bataan Freeport and China-ASEAN Expo

The recent ninth China-Asean Expo (CAEXPO) held in Nanning, China created a business venture between Authority of the Freeport Area of Bataan (AFAB) and China. This event aims to promote closer cultural ties and trade relations among foreign VIPs from China, Phils., Brunei, Cambodia, Indonesia Laos, Malaysia, Myanmar, Singapore, Thailand, and Vietnam. The Philippine delegates were led by Interior and Local Government Secretary Mar Roxas.

According to Deogracias Custodio, AFAB chairman, one of the developments in the Freeport Area of Bataan (FAB) in Mariveles is the economical electric supply via the 600-megawatt GN Power. The operation will start by December 2012. During the "Invest in Asean: Promotion Conference on Asean Industrial Parks", CAEXPO launched trade and business activities for the benefit of China and the ASEAN. With this, they aim to give tax privileges to investors which include Income Tax Holiday of up to eight years and tax exemption in the trade in of capital equipment and raw materials. The venture will prefer 8 industries such as agro-industrial, business process outsourcing, global electronics and semiconductors, energy sector, logistic, mining, shipbuilding, and tourism.

FAB is the only Freeport in the country with a 10.9 million cubic meter-capacity dam that brings 14 million gallons of treated water everyday.

Sourced: mybataan