RP, US sign accord to boost Subic, Maryland ecozone trade
By Ronnel Domingo - Inquirer
OFFICIALS from the Philippine embassy in the United States have signed a memorandum of understanding with a US local government aimed at expanding merchandise traffic and investment flows between Subic and a Maryland economic zone.
Armand C. Arreza, Subic Bay Metropolitan Authority administrator, said in a statement that the MOU signed last Oct. 22 was meant to enhance bonds of cooperation between Subic and Prince George's County, Maryland's foreign trade zone.
"This opens up a huge window of opportunity for Subic, and we would like to explore all the possibilities that this new partnership offers," Arreza said.
The official added that the agreement was a significant inroad for the Subic freeport as the SBMA widened its cooperation links in global trade and sought more foreign direct investment.
He said the signatories of the MOU included Philippine Ambassador Willy C. Gaa, Prince George's County Executive Jack B. Johnson and David M. Valderrama, president of the International Council of Asian-American Business Executives.
"This is aimed at facilitating the sharing of experiences and best practices between the two trade zones, improve the quality of operations and logistical efficiency of companies located in both zones, and link the Port of Subic with Maryland's Port of Baltimore," Arreza said.
He added that the exchange of trade information and best practices would be invaluable to Subic because Maryland hosts four trade zones and the Baltimore port, a major center of maritime commerce in the United States.
"Subic has been a military port for over a century and it is only now that its potentials for trade are being realized," Arreza said. "As a commercial port, Subic could learn a lot from Baltimore, which has over 300 years of experience in cargo-handling."
In an effort to develop Subic into a regional logistics and service hub, SBMA has ramped up the freeport's cargo-handling capacity to 600,000 twenty-foot equivalent units and has been wooing investments in terminal operation, drydocking and ship repair, shipbuilding and warehousing.
For its part, the Port of Baltimore--with six public terminals and 30 private terminals stretched over a 45-mile shoreline--is considered the top-ranking port on the US East Coast in terms of roll-on/roll-off cargo operations
OFFICIALS from the Philippine embassy in the United States have signed a memorandum of understanding with a US local government aimed at expanding merchandise traffic and investment flows between Subic and a Maryland economic zone.
Armand C. Arreza, Subic Bay Metropolitan Authority administrator, said in a statement that the MOU signed last Oct. 22 was meant to enhance bonds of cooperation between Subic and Prince George's County, Maryland's foreign trade zone.
"This opens up a huge window of opportunity for Subic, and we would like to explore all the possibilities that this new partnership offers," Arreza said.
The official added that the agreement was a significant inroad for the Subic freeport as the SBMA widened its cooperation links in global trade and sought more foreign direct investment.
He said the signatories of the MOU included Philippine Ambassador Willy C. Gaa, Prince George's County Executive Jack B. Johnson and David M. Valderrama, president of the International Council of Asian-American Business Executives.
"This is aimed at facilitating the sharing of experiences and best practices between the two trade zones, improve the quality of operations and logistical efficiency of companies located in both zones, and link the Port of Subic with Maryland's Port of Baltimore," Arreza said.
He added that the exchange of trade information and best practices would be invaluable to Subic because Maryland hosts four trade zones and the Baltimore port, a major center of maritime commerce in the United States.
"Subic has been a military port for over a century and it is only now that its potentials for trade are being realized," Arreza said. "As a commercial port, Subic could learn a lot from Baltimore, which has over 300 years of experience in cargo-handling."
In an effort to develop Subic into a regional logistics and service hub, SBMA has ramped up the freeport's cargo-handling capacity to 600,000 twenty-foot equivalent units and has been wooing investments in terminal operation, drydocking and ship repair, shipbuilding and warehousing.
For its part, the Port of Baltimore--with six public terminals and 30 private terminals stretched over a 45-mile shoreline--is considered the top-ranking port on the US East Coast in terms of roll-on/roll-off cargo operations
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