Hanjin Heavy to Invest $1.9 Billion in Philippines
Hanjin Heavy Industries & Construction Co., the first South Korean company to export ships, plans to invest $1.9 billion in the southern Philippines, said Philippine President Gloria Arroyo.
The complex, to be built in Misamis Oriental province, will be Busan-based Hanjin's second investment in the nation, Arroyo said in a broadcast speech from Mindanao, without elaborating. Phividec Industrial Authority, a government arm, will invest in a ship-parts facility with Hanjin, according to a statement submitted to the Presidential Management Staff yesterday.
South Korean shipyards including Samsung Heavy Industries Co. and STX Shipbuilding Co. are expanding overseas as global economic growth raises the need for vessels. About 90 percent of trade worldwide is carried by sea. Hanjin Heavy in March started construction of vessels at a 720 billion won ($768 million) dockyard at a former U.S. naval base in Subic, west of Manila.
Hanjin Heavy's president of shipbuilding Park Kyu Won, who flew to Misamis Oriental province this morning, didn't immediately return a phone call to his hotel seeking comment.
The 440-hectare (1,087-acre) Hanjin Mindanao Shipbuilding Complex will make ship parts and is expected to hire 20,000 workers when completed by 2017, according to the document.
The first phase of the complex will be built by next year and will have an annual capacity of 80,000 tons of ship parts including outfitting and pipes, according to the document.
Phividec is a state-run agency tasked to develop industrial sites to help boost the economy in the countryside.
By Luzi Ann Javier and Kyunghee Park - Bloomberg.com
The complex, to be built in Misamis Oriental province, will be Busan-based Hanjin's second investment in the nation, Arroyo said in a broadcast speech from Mindanao, without elaborating. Phividec Industrial Authority, a government arm, will invest in a ship-parts facility with Hanjin, according to a statement submitted to the Presidential Management Staff yesterday.
South Korean shipyards including Samsung Heavy Industries Co. and STX Shipbuilding Co. are expanding overseas as global economic growth raises the need for vessels. About 90 percent of trade worldwide is carried by sea. Hanjin Heavy in March started construction of vessels at a 720 billion won ($768 million) dockyard at a former U.S. naval base in Subic, west of Manila.
Hanjin Heavy's president of shipbuilding Park Kyu Won, who flew to Misamis Oriental province this morning, didn't immediately return a phone call to his hotel seeking comment.
The 440-hectare (1,087-acre) Hanjin Mindanao Shipbuilding Complex will make ship parts and is expected to hire 20,000 workers when completed by 2017, according to the document.
The first phase of the complex will be built by next year and will have an annual capacity of 80,000 tons of ship parts including outfitting and pipes, according to the document.
Phividec is a state-run agency tasked to develop industrial sites to help boost the economy in the countryside.
By Luzi Ann Javier and Kyunghee Park - Bloomberg.com
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