Sumitomo, Lopez Group expanding industrial park
Sumitomo Corp. of Japan on Friday announced the launching of a 100-hectare expansion of the First Philippine Industrial Park, a joint venture with Lopez-owned First Philippine Holdings Inc.
Sumitomo said in a statement posted on the company’s Web site the Philippines was rising as an exporting nation, supported by attractive tax incentives as well as rich human resources equipped with English language skills.
Sumitomo said because of these factors, foreign direct investments from Japanese manufacturers to the Philippines was on the rise.
“Sumitomo Corp. believes the Philippines will further increase its position as a strategic location for export-oriented industries compared to other Asian nations and thus the company has decided to launch this expansion project,” the Japanese company said.
Sumitomo is involved in the development, operation and sale of its own industrial parks at four locations in Vietnam, Indonesia and the Philippines.
The company also acts as the sales agent of locally developed industrial parks in Thailand, Indonesia and Cambodia.
FPIP, established in 1996, offers 349 hectares of industrial park located in Sto. Tomas, Batangas.
Sumitomo owns 30 percent of FPIP while the remaining 70 percent is held by FPH.
The industrial park currently employs 30,000 workers and generated about $1.4 billion in exports in 2011.
At present, there are 67 locators in FPIP, of which 37 are Japanese firms.
FPH is a major publicly- listed company with core business in power and energy and strategic initiatives in media, semiconductors, solar energy, telecommunications, property, infrastructure and manufacturing.
Sumitomo is a global leader in the trade and distribution of steel, chemicals, mining, construction, and financial and logistics services.
Sumitomo’s team of more than 4,700 employees in almost 70 countries can handle all aspects of virtually any project, including planning, sourcing financing, logistics, insurance and marketing anywhere in the world.
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