Koreans Plan $1B Shipyard in Subic
 
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Koreans Plan $1B Shipyard in Subic

      11/1/2005

A Korean shipbuilder is expected to construct a $1 billion shipyard at the Subic freeport after it signed preliminary papers with the Subic Bay Metropolitan Authority (Philippines). Local officials stated in an interview that if the planned shipyard is completed, it would be the fourth largest in the world. However, they declined to identify the prospective Korean investor. Once completed, the shipyard will be able to accommodate big vessels that can handle 8,000 TEU (20-foot dry-cargo container).

The shipyard, which will occupy 269 hectares, and it will take five years to build. And, this venture is expected to create as many as 20,000 new jobs. It was said that the company had chosen Subic over other possible locations in Vietnam and China.In a related development, the Philippines’ government is in talks with Taiwanese officials on possible funding for the development of the second and third phases of the Subic Bay Industrial Park. First announced in 1994, Taipei's "Go South" policy was meant to reduce dependence on mainland China and encourage Taiwanese businesses to invest in Southeast Asia.


Philippine Daily Inquirer (Inquirer News Service)  







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