Hongkong Luen Thailand Strengthens Investment In Philippines Textile Industry
China
Hongkong Luen Thai
The holding group and the Ministry of trade and industry of Philippines signed a memorandum of understanding on three investment plans. It is estimated that the new investment in the Philippine textile industry will amount to $8 million 400 thousand and create more than 7000 jobs.
It is understood that the main contents of the three investment programmes include:
The Philippines
Local investment in the construction of a fashionable handbag production base is expected to be put into operation next year. The main customers will be the world famous brand Coach. In addition, once the Save Our Industries Act is passed, eligible Philippines made garments can enjoy tariff relief and export to the United States. In order to seize this opportunity, Lian Tai plans to expand the leisure clothing production base in Philippines, Clark, and build jeans factory and wash water nearby.
Equipment factory
。
The total investment of the three programme budgets is US $8 million 400 thousand, which can create more than 7000 jobs.
Henry, chief executive officer of Luen Thai, said that the stability of Philippines workers is relatively high, and wages are slightly lower than those of other labor-intensive countries. These are the reasons for attracting investment from Lutai.
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