Olongapo SubicBay BatangGapo Newscenter

Tuesday, October 28, 2008

Japan mission eyes potential opportunities in Subic ecozone

A delegation of about 20 Japanese businessmen will be surveying investment and trade opportunities in Subic Freeport while they are in the country for a conference, the Subic Bay Metropolitan Authority (SBMA) said in a statement Monday.

Port-related firms from Japan such as ship servicers, warehouse companies, and export manufacturers will be surveying Subic for possible business ventures, Koichi port promotion director Hiroshi Yamanaka was quoted in the statement as saying.

The delegates are arriving at the Subic Freeport Tuesday for an annual conference of the International Network of Affiliated Ports (INAP).

Seventy official delegates from Sri Lanka, China, Indonesia, South Korea, Cebu and Japan will be joining the conference, SBMA said in its statement.

"Many companies in the Kochi area began pursuing overseas business ventures after attending last year’s INAP conference [in Japan]," the statement read.

SBMA’s marketing of the local port as a regional maritime and logistics hub has especially piqued the interest of Japanese firms, Mr. Yamanaka was quoted in the statement as saying.

Investors in Subic enjoy exemption from local and national taxes, duty-free importation of raw materials, and full repatriation of profits, data from the SBMA Web site show.

Foreign investors are also allowed full ownership of businesses in the area, except for strategic sectors prohibited by the Constitution such as in media and education. - BusinessWorld

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