Manila: Korea's Hanjin Heavy Industries and Construction Corporation (HHICC) has announced that it is to build a new $2bn shipyard complex in Mindanao in the Philippines. The yard, which will be constructed at the 3,000-hectare Phividec Industrial Estate, is the company's second facility in the country after its $1bn Subic yard.
Construction is slated to begin early next year, and the facility is expected to generate close to 30,000 new jobs in the region when it begins production in 2010. By 2012, the facility is expected to export some $1.7bn worth of shipbuilding parts and vessels.
President Gloria Macapagal-Arroyo (pictured looking at HHICC's Subic complex) welcomed the new initiative and asked HHICC president Jeong Sup Sim to hire more Filipino welders for the project. [27/11/07]
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