COSMOS Biotechnology Co. Ltd. Of Taiwan tied up with Bataan Technology Park Inc. (BTPI) to put up facilities for storage, drying, processing and warehousing inside the Morong Special Economic Zone in Bataan.

Cosmos Biotech is spending close to P170 million for the next three years for land development and the construction of structures and facilities within the agri-aqua industrial park of BTPI inside the Morong ecozone.

BTPI president and chief executive officer Ofelia Bulaong said Cosmos Biotech president Yiu Tien Wang entered into an agreement with the BTPI for the lease of five hectares to 80 hectares of land in the industrial park.

Bulaong said Cosmos Biotech would use the leased area to grow exotic vegetables, particularly mushroom, tomato, papaya and medical herbs, which would be exported to Japan and other parts of Asia and Europe.

The project is set to generate employment for 50 workers.

BTPI chief operating offices Tom Meneses pointed out that the BTPI board is reviewing the proposed joint venture and profit-sharing agreement.

Cosmos Biotech is confident that it made the right decision in choosing BTPI as the site of its project because of its proximity to the Subic Cay free port and special economic zone, which is seen to complement its export strategy.

The BTPI was the site of the United Nations-managed Philippine Refugee Processing Center and it overlooks the South China Sea.

In 1997 the entire municipality of Morong was proclaimed as an ecozone with the BTPI as the main zone.

The park is being developed into an agri-aqua technology park that focuses on modern and leading-edge biotechnology. To support this, the park is also being developed as a corporate training center and ecotourism park.