Korean Firm Reportedly Eyes $1B Facility

A Korean shipbuilding company is intent on investing $1-billion shipbuilding facility in Subic that is expected to transform the country’s premier Freeport into one of the world’s fourth biggest shipbuilding facility, according to a report in The Manilla Bulletin Online – www.mb.com.ph.Subic Bay Metropolitan Authority (SBMA) administrator and CEO Armand C. Arreza refused to divulge the identity of the Korean firm but said the signing of the investment agreement is expected to be done during the state visit of Korean president in December this year. The Korean firm reportedly has proposed to manufacture 8,000 TEU post Panama vessels and is expected to employ 20,000 workers. The company was also looking at putting up the facility in China and Vietnam but decided to locate in Subic because of the natural deep harbor of the Freeport. Construction of the shipbuilding facility is expected to be completed within five years. Its products are exported to 70 countries in Europe, Asia, the Americas and Africa. (Source: The Manilla Bulletin Online – www.mb.com.ph)