The New Clark City – a prime example of a “city of the future” – is expected to contribute a gross output of US$31 billion per year to the economy, or roughly 4% of the Gross Domestic Product (GDP).
Much bigger than the existing 4,400 hectare-Clark Freeport and Special Economic Zone, which is already an important haven for employment and investment in the country, the New Clark City is also seen to have 1.12 million residents and 800,000 workers.
Bases Conversion and Development Authority (BCDA) Executive Vice President Aileen Zosa, drawing on her experience with the BCDA Group, highlighted the group’s current focus area – the New Clark City – during the Annual Belt and Road Summit held on June 28 in Hong Kong.
Speaking on the Build Build Build projects spearheaded by BCDA, Zosa said the government-owned and controlled corporation (GOCC) will work with local and foreign partners to transform New Clark City into a key regional transport and investment hub which will ease congestion in the country’s capital, Metro Manila.
The summit’s theme this year is “Collaborate for Success”.
According to EVP Zosa, New Clark City will be a smart, intelligent, green, resilient, future-proof and socially-inclusive metropolis. Its notable feature is its characteristic as a transport and logistics-based development driven by a transport hub ideal for investments for its accessibility and convenience to the people.
She also highlighted the expansion of Clark International Airport passenger terminal, a joint project with the Department of Transportation (DOTr), valued at around PHP15 billion or approximately USD290 million in terms of construction and facilities, the Subic-Clark Cargo Railway worth PHP50 billion or approximately USD1 billion which will begin construction in the coming year to further enhance connection between Subic and Clark, and other big-ticket projects such as the 106-km Manila-Clark Railway with DOTr valued at PHP300 billion or around USD6 billion.
Emphasizing the thrust to draw the best technology and best practices across the world, EVP Zosa spoke to like-minded developers and investors in Hong Kong to capitalize on the opportunities in Clark. Entities who expressed interest include the China-ASEAN Investment Cooperation Fund, which targets investment opportunities in infrastructure, energy and natural resources in the ASEAN countries; property developer and toll road investor/operator Road King Infrastructure Limited; infrastructure construction and engineering company China Railway Engineering, Limited; transportation and logistics services company China Global Lines, LTD.; airport investor fund Shumyip Investment & Development Company, Ltd; and, worldwide telecommunications provider, PCCW Global.
The 2018 Belt and Road Summit is an annual gathering of senior government officials, representatives of international institutions, business leaders and industry experts from countries within and beyond the Belt and Road. The Summit allows participants to cooperate and collaborate on business opportunities arising from the Belt and Road Initiative.