More Joint Venture Deals with China Are Finalized

Manila Bulletin, May 24, 2017 | Go to article overview

More Joint Venture Deals with China Are Finalized


By Bernie Cahiles-Magkilat

More agreements on various joint ventures were signed between Filipinos and Chinese business groups in the latest economic campaign offensive by China for its new ally, the Philippines.

Francis Chua, chairman emeritus of the Philippines Chamber of Commerce and Industry, said six agreements were signed at the China (Guangxi) - the Philippines Business Matching Seminar for Entrepreneurs in Makati could be worth billions of dollars.

The signed agreements include export of nickel, direct chartered flights to Nanning from Manila and Boracay, power plant and sea linkage between Guangxi and Manila.

Also approved are two cooperation agreements between the Philippine Ports Authorty and Beibu Guangxi Port Authority to create a sealink between Guangxi and Manila.

Also expected to be forged during the bilaterals at the seminar later in the afternoon include those by the Guangxi Investment Group, ferro nickel and stainless steel, and an investment by Dong Feng Motors.

Among the signed deals was the Strategic Cooperation Agreement of International Logistics Network NodesBuilding, Lateritic Nickel Ore Procurement and Freight Routes.

Signing the agreement was Zhou Xiaoxi, President of Guangxi Beibu Gulf Port Group Co. Ltd., and Xu Zhenqiang, Chairman of the Board of the Philippine Carrascal Nickel Corporation (CNC), representing the Philippine counterpart.

Both parties undertake to jointly build international logistics network nodes by playing their respective advantages, and participate in the development, operation and management of Philippine port project through necessary investigations and preliminary feasibility studies.

Both parties also agreed to undertake to maintain the long-term and stable supply-demand relationship of laterite nickel ore that has been established.

CNC, engaged in the mining and export of nickel ore, will export to China to manufacture iron-nickel alloy and stainless steel.

CNC willsupply no less than 1.5 million tons of laterite nickel ore that meet grade requirements grade each year to the subordinate companies designated by the Port Group.

Both parties agree to preferably choose Beibu Gulf Shipping Co., Ltd., the subsidiary of the Port Group, as the carrier of the Lateritic Nickel Ore that CNC ships to China under the same conditions. …

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