Luen Thai, a global leader in apparel industry, has signed a Memorandum of Understanding (MoU) with the Authority of the Freeport Area of Bataan (FAB) in Philippines, to open a new facility inside the FAB.
The company will invest hundreds of millions of dollars to set up the new unit which will employ a minimum of 6,000 persons, Raymond Tan, President of Luen Thai said.
Investors in FAB are given various tax benefits besides a new Freeport accessible to the capital Manila, Deo Custodio, FAB Chairman said. He added that the MoU with Luen Thai indicates the growing confidence of investors in FAB.
Luen Thai is a multi-billion dollar company based in Hong Kong and has its manufacturing units, logistics stations, and sales offices spread across Asia, Europe and the US. It has its Philippines branch offices located in Cebu, Manila and Pampanga.
Fibre2fashion News Desk - India
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