CLARK FREEPORT — President Arroyo witnessed the recent signing of two agreements between the Clark Development Corp. (CDC), a government-owned company, and a South Korean firm.

The deals involved P718-million investments which will be poured in this Freeport and in CDC’s Next Frontier project.

The signing of the MoU and lease agreement was held during President Arroyo’s state visit to Korea where she attended the ASEAN-Korea Leaders Meeting.

CDC President Benigno N. Ricafort and Donggwang Clark Corp. Chairman Shin Kun Lee signed a memorandum of understanding (MoU) on the construction of two vital road projects in Sacobia Valley, also called the Next Frontier.

Ricafort said the construction project, which has an estimated cost of P218 million, is for the 1.8-kilometer Spine Road and the 4.5-kilometer East Road 2 that connects the Next Frontier to Luzon’s main road, the McArthur Highway.

These road projects are in support of the 300-hectare tourism estate to be developed by Donggwang in the Next Frontier.

The $200-million resort complex will initially employ 1,000 workers. The site-development planning of the project is going on, Ricafort said, adding that construction will start upon CDC’s approval of the development plans.

The CDC president said the road projects will be built “with no cash out on the part of the CDC” and will be considered as advance lease rentals.