A 50-year lease agreement was signed by SBMA chairman Feliciano G. Salonga and administrator and CEO Armand C. Arreza, and Hebei chairman and CEO Wang Chan Lin. The signing was witnessed by no less than President Arroyo.
The Hebei group will be setting up a glass production facility in a 32-hectare area at the Maritan Hill along Argonaut highway.
Salonga said the new project will provide more than 3,000 jobs.
"A few months ago, we signed up Korea’s Hanjin to build a shipyard in Subic, and now we have Hebei. These success stories are in response to the 10-Point Economic Agenda of President Arroyo," he said.
The glass factory facility will produce high-technology, heat-resistant, coated glass and other newly invented cutting edge glass products which will be exported to the world market.
Arreza said the signed deal is part of the continuing cooperation between the Philippines and the People’s Republic of China (PROC).
"This agreement with Hebei is a sign of the strengthened ties between our country and the PROC," he said.
Arreza said the Hebei signing is only the first of many more China-based investments that are expected to come into the country. He assured the Chinese businessmen that the SBMA is very much interested in inviting businessmen from China to come and invest in Subic.
"We are inviting you to Subic. You are assured that the SBMA will provide you the assistance you need to fasttrack the processing of your company’s requirements," Arreza said.
Hebei’s top man Wang Chan Lin said they were impressed with the suitability of the freeport for their envisioned modern glass plant.
"Subic has a very impressive working atmosphere, there is also a presence of a skilled workforce that can be easily trained. We are happy to set up our new plant here," he said.
Lin also bared the new product line that they are set to produce here, "We are producing high-tech crystallite glasses that are seven to eight times more wear resistant than alloy steel and 10 to 25 times corrosion resistant than stainless steel. That is why they are very suitable to use as industry and building materials."
The company’s other products include float sheet glass, solar control reflective glasses, multi-colored high-tech rolling crystallite glass with various specifications.