Gaming, tourism complex eyed in Cagayan ecozone

The Cagayan Economic Zone Authority (CEZA) has secured support from various international investors and organizations to develop a gaming and tourism complex in the Cagayan Special Economic Zone and Freeport.

In a statement, CEZA administrator and chief executive officer Raul Lambino said the agency is focusing on developing better infrastructure to improve the investment environment in the Greater Cagayan Advanced Economic Zone and Freeport.

The proposed Greater Cagayan Advanced Special Economic Zone and Freeport will include all 22 municipalities in Cagayan’s two congressional districts. It is expected to be an investment jewel in Southeast Asia.

CEZA earlier said two foreign firms, one from Asia and the other from the Middle East, have expressed interest in drawing up the new master development plan for the Greater Cagayan Advanced Special Economic Zone and Freeport.

“Cagayan already has natural beauty that is hard to resist. What we need is to show that the Freeport can be an investment jewel in Southeast and East Asia,” Lambino said.

“We are now revisiting the Freeport’s master plan to update it with the changing time. Our medium-term development will be centered on building a conducive environment for investors to locate their businesses at the Freeport,” he added.

Lambino said the plan to expand the Freeport’s territorial jurisdiction is aimed at transforming it into a major transhipment and logistics hub that will make it the “Gateway to the Pacific.”

CEZA said the United States Trade and Development Administration has expressed support for the conduct of feasibility studies on power and transportation development in the Freeport, particularly with the expected influx of new investors in the tourism and aqua-agri business sectors.

Lambino said a Taiwanese firm and two major investors have also expressed interest in creating a cluster of tourism attractions in the Freeport.

The attractions include a casino gaming complex, hotel and villas, water theme park, golf courses, a horse-riding layout, and a premium duty free outlet shopping mall.

Meanwhile, a Korea-based company submitted to the government a P2-billion proposal for the dredging, development, and rehabilitation of Port Irene so it can cater to large post Panamax vessels and transhipment cargoes.

CEZA said the proponent has included a reclamation project to fortify the one-kilometer concrete breakwater and upgrade the existing piers and wharves for heavy traffic.