Mayor Olivarez Sees More Investments After Sisterhood Pact With Haeundae

MAYOR Edwin L. Olivarez is confident that Parañaque will attract more investments following a recent sisterhood agreement with the city of Haeundae which is under the Metropolitan District of Busan, South Korea.

Olivarez said that the sisterhood agreement will help raise the profile of Parañaque City in the international arena in as much as Haeundae, dubbed the Happy City is known as one of the top investment and tourist destinations in South Korea.

“This agreement would help boost and strengthen economic and cultural ties between our two cities” he said.

He added that he intends to enter into other international sisterhood agreements in the future as he works to make Parañaque one of the most exciting and fastest growing cities in the country.

Delegates from Haeundae lead by Mayor Baek Sun Ki arrived in the country last September 3 (Thursday), just in time for the signing of the agreement the following day, September 4.

“This agreement would surely work both ways even as we expect that this would pave the way for a greater and broader cooperation not only between our cities but hopefully for the two countries as well” Olivarez pointed out.

The sisterhood agreement is a result of more than a year of constant coordination and exhaustive consultations between the representatives from the two cities who worked hard to see their initiatives come into fruition.

Haeundae is a district in the east of Busan and is a favorite tourist destination as it offers some of the country’s most famous beaches, high-end hotels and newest luxury shops and apartments.

Under the agreement, the two cities agreed to pursue and expand cooperation on various areas among them economy, culture, sports, tourism, education and other fields “in pursuit of the best interests for both parties”.

They will also maintain an open line of communication and both parties shall appoint focal persons who would promote the programs and initiatives relative to the sisterhood agreement.

There will also be constant exchanges of invitations during the celebrations of special holidays and festivals to further enhance the cultural ties between the two cities.

This developed as business locators continue to move in the city with the latest count already at more than 20,000 that have an estimated annual gross sales of over P300 billion.

Among the top companies and world-class hotels that have decided to move and do business in Parañaque City are Solaire Resorts and Casino another is City of Dreams Manila Resort, the Aseana City and Tiger Resort.

Another project, the Resorts World Bayshore City meanwhile is a joint venture between Andrew Tan and Malaysia’s Genting Group.

It is a 31-hectare project that will house four new hotel brands namely, the Marriott, Sheraton, Hilton and Westin Hotel, casino and shops and a more than 3,000-seater Grand Opera House, among others.

Not to be outdone, Ayala Land Inc. will develop a 500,000 square meter shopping mall, bigger than the 406,000 square meter Mall of Asia and hotel complex project.