PREPARATORY work is continuing for the establishment of the new Phoenix Park Industrial Estate in Point Lisas. The project, which will be implemented through collaboration with the Evolving Technologies and Enterprise Development Company Limited (eTeck) and China’s Beijing Construction Engineering Group (BCEG), is to be constructed on 133 acres of land.
A Memorandum of Understanding (MOU) was signed in June between BCEG and eTeck for the development of the project which is expected to be completed in 12 months. Signatories to the MOU were BCEG’s deputy general manager Zhang Chuancheng and Steve De Las, president of eTeck. Trade and Industry Minister Paula Gopee-Scoon witnessed the signing.
The project is to be funded through a loan agreement with Export-Import Bank of the People’s Republic of China. Government, through the Ministry of Finance has applied for a loan in the sum of US $104,295,000.
There is a commitment that at least 60 per cent local labour would be used on the project and 50 per cent of the building material would be purchased locally. It is estimated approximately 1,000 people will be employed during the construction phase.
Upon completion, the estate should provide space for between 60 to 80 factory shells, employing close to 5,000 people. There has already been expressions of interest from major international investors.
On Wednesday, Gopee-Scoon, accompanied by Dr Anthony Arjune, Manager Commercial Assets, eTeck and Randall Karim, Director Policy and Strategy with the Trade ministry, conducted a site visit to view the work being done.
Gopee-Scoon said activities at the new estate will promote diversification efforts targeting firms in the areas of high-value and light manufacturing, logistics, warehousing and emerging industries.