8/27/2010 3:39:00 PM
Economic Treaty Expanding Philippines Fastener Factories for Taiwan Companies
Screw manufacturer Taiwan MT-Tek will invest US$30 million in the next five years in the Philippines, including $12 million building new factories and buying new equipment in the first year.
The investment is encouraged by the Taiwan-Philippines Economic Passage from 2006 for the economic triangle from Kaohsiung Export Processing Zone, Subic Bay and the Clark Freeport Zone – where MT-Tek is located, Fastener World magazine of Taiwan reported.
This plan is projected to increase exports.
MT-Tek will expand to 64,000 sq meters and increase employment from 1,000 to 1,500.
The economic program facilitates cooperation in shipments, employment, finance and transportation until a Free Trade Treaty is signed.
The passage has made the Philippines a “stepping stone” for Taiwan to enter the Southeast Asian market. Products made by Taiwanese companies can be seen as those by ASEAN members and gain tax-free benefits. ©2010 GlobalFastenerNews.com
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