Korean firms commit new investments in RP
Manila (3 June) -- The Philippines remains an investment destination for Korean businesses.
Hanjin Heavy Industries and Construction Corporation (HHICC) renewed its commitment to do business in the country.
The company, presently employing 16,000 workers, is planning to hire 24,000 more for its Subic and Misamis Oriental plants.
Hanjin's multi-billion investment in the Philippines will make the country the fourth largest ship-builder in the world.
HHICC President N.H. Cho Jong said Hanjin Philippines, Incorporation (HPI) will produce components for ships they assemble at the Subic shipyard starting September.
These components were normally imported from Korea.
Radyo ng Bayan reported that Hanjin ships that will be exported to Germany would fetch around $29-million this year and the succeeding sales from next year's exports are estimated to earn $57-million.
President Gloria Macapagal Arroyo conferred recently the Presidential Medal of Merit on former HPI president Jong Shup Shim for his contribution to the local shipbuilding industry.
It was Jong's idea to put up a shipbuilding facility in Subic Freeport Zone.
The awarding was held Monday at the Shilla Hotel in Jeju Island, South Korea during the ASEAN and Republic of Korea Commemorative Summit.
Meanwhile, another Korean firm will be doing business in Southern Philippines.
The President directed Trade Secretary Peter Favila to assist CJ Corporation in its venture in Mindanao to make their facility as part of an eco-zone.
The aim is to make the eco-zone perks available to CJ Corporation which is planning to put up a $47 million worth of livestock feed facility in the region.
The venture is estimated to employ more than a thousand workers.
The summit was concluded Tuesday with the signing a joint declaration strengthening relations between Association of South East Asian Nations (ASEAN) and the Republic of Korea (ROK) as well as the ASEAN - Republic of Korea Free Trade Agreement on Investments.
With numerous agricultural agreements signed, President Arroyo is expecting to increase its fruits exports to Korea which is basically one of the best markets for Philippine bananas and pineapples. (PIA) [top]