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HANJIN
Heavy Industries & Construction Co., the first South
Korean company to export ships, plans to invest $1.9
billion in Mindanao, said President Arroyo on Wednesday.
The complex, to be built in Misamis
Oriental province, will be Busan-based Hanjin’s second
investment in the nation, Mrs. 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 Tuesday.
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 the former US naval base in
Subic in Central Luzon.
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. --Bloomberg |
