Olongapo SubicBay BatangGapo Newscenter

Tuesday, June 19, 2007

Giant China shipping firm to invest $ 3 billion in RP

China Ocean Shipping (Group) Company (COSCO), one of the world's shipping giants, is pouring $ 3 billion into a shipping complex development project in Sangley Point, Cavite which the company eyes as its main hub in the Southeast Asian region.

President Gloria Macapagal-Arroyo was informed on the new Chinese investment by COSCO president and chief executive officer Wei Jia Fu during a courtesy call in Malacanang this afternoon.

During her recent trip to China, the President invited Wei to visit the Philippines to see for himself the business opportunities in the country.

Wei, who arrived yesterday from the United States, told the Chief Executive he was thankful for her invitation and the opportunity to assess the investment possibilities in the country.

Accompanying Wei were COSCO general managers Shi Zemin and Yuan Xiayu, COSCO Container Lines managing director Sun Jia Kang, and Ji Hai Sheng, president of COSCO Corp. Singapore Ltd.

Sangley Point is being developed as an international transshipment point through the creation of an special economic zone.

COSCO will be the second foreign firm to establish a shipping complex in the Philippines.

Earlier this year, Hanjin Corporation of Korea, the world's 4th largest shipbuilding facility, infused $ 1 billion into a shipyard project at the Subic Bay Freeport in Zambales.

By 2016, Hanjin's Subic Bay facility will be able to manufacture the world's largest gas tanker and generate 40,000 direct and indirect employment.

Among those present during Wei's call on the President were Trade Secretary Peter Favila, Transportation and Communications Secretary Leandro Mendoza, National Economic and Development Authority (NEDA) Secretary General Romulo Neri, and Ambassador Francis Chua, special Philippine envoy on China trade and investments.

Chua said COSCO's facility would generate 100,000 jobs, particularly for the country's seafarers.

Founded in 1961 as the pioneer international shipping carrier in China, COSCO has grown into a $ 17-billion global company. It owns and operates 600 various types of ships operating in 1,300 ports in more than 160 countries and regions worldwide.(PNA)



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