China’s Gezhouba Group invests $2 bln in Philippines’ industrial park

Chinese construction contractor Gezhouba Group is committing $2 billion in investments to develop an industrial park in Pampanga, Philippines.

Under the terms of the deal, Gezhouba Group will develop 500 hectares of a former U.S. base at the Clark Air Base into an industrial zone where technology and manufacturing companies can set up their plant and production facilities.

Gezhouba Group aims to transform Clark Air Base into a new business hub, modernize infrastructure in the Philippines under the $180 billion "Build Build Build" project, of which $69 billion is allotted to jumpstart or finish projects until 2022.

Additionally, the program is expected to enhance the interconnectivity between people and communities. The project is also designed to create more jobs and strengthen the investment climate in the country.