Cosco firms up plans for $3-B hub bet. Sangley and Subic
A TEAM of experts from Chinese shipping giant China Ocean Shipping Co. will be making a third visit to the country to figure out how to split a $3-billion regional cargo hub between Sangley Point and Subic.
Francis Chua, presidential adviser on China trade and investments, said in an interview that the team had visited twice in July to look over the former US naval bases.
Cosco originally considered building a base at Sangley Point in Cavite, where it would collect shipments from various points in the region, before sending these out to the United States and other destinations in the Pacific.
President Gloria Macapagal-Arroyo has issued an executive order mandating the development of Sangley Point into an international logistics hub.
But Chua said the Cosco team, comprising experts from the group's diverse operations in the region, had seen the advantages of locating in Subic as well. He added Cosco did not want to pass up on either site.
"(My office and Cosco) are working to have this project started promptly," Chua said. "I have reason to believe it could be within the year ... this is a very crucial investment (for both sides)."
In an earlier interview, Chua, who is also honorary president of the Federation of Filipino-Chinese Chambers of Commerce and Industry, said Cosco wanted to build a shipping hub at Sangley Point, because of its nearness to Manila, as well as in Subic, because it offers the best option for eventual expansion of operations.
Chua said that while Cosco was studying Sangley and Subic, local government executives in other provinces across the country also offered alternative sites for the project.
He also said that Cosco was prepared to foot the entire bill for the development of whichever site was chosen, including land reclamation and port construction.
Cosco needs about 50 to 100 hectares on which to build a pier and container yard.
Founded in 1961 as an international shipping carrier in China, Cosco is now a $17-billion corporation that provides services in freight forwarding, shipbuilding, ship repair, terminal operation, trade, financing, real estate and information technology.
Cosco owns and operates a merchant fleet of some 600 vessels, with total carrying capacity of up to 35 million dead-weight tons.
Francis Chua, presidential adviser on China trade and investments, said in an interview that the team had visited twice in July to look over the former US naval bases.
Cosco originally considered building a base at Sangley Point in Cavite, where it would collect shipments from various points in the region, before sending these out to the United States and other destinations in the Pacific.
President Gloria Macapagal-Arroyo has issued an executive order mandating the development of Sangley Point into an international logistics hub.
But Chua said the Cosco team, comprising experts from the group's diverse operations in the region, had seen the advantages of locating in Subic as well. He added Cosco did not want to pass up on either site.
"(My office and Cosco) are working to have this project started promptly," Chua said. "I have reason to believe it could be within the year ... this is a very crucial investment (for both sides)."
In an earlier interview, Chua, who is also honorary president of the Federation of Filipino-Chinese Chambers of Commerce and Industry, said Cosco wanted to build a shipping hub at Sangley Point, because of its nearness to Manila, as well as in Subic, because it offers the best option for eventual expansion of operations.
Chua said that while Cosco was studying Sangley and Subic, local government executives in other provinces across the country also offered alternative sites for the project.
He also said that Cosco was prepared to foot the entire bill for the development of whichever site was chosen, including land reclamation and port construction.
Cosco needs about 50 to 100 hectares on which to build a pier and container yard.
Founded in 1961 as an international shipping carrier in China, Cosco is now a $17-billion corporation that provides services in freight forwarding, shipbuilding, ship repair, terminal operation, trade, financing, real estate and information technology.
Cosco owns and operates a merchant fleet of some 600 vessels, with total carrying capacity of up to 35 million dead-weight tons.
By Ronnel Domingo - Inquirer
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