Manila: Korean firm Hanjin Heavy Industries and Construction Co. will sign a deal today to build a $2-billion shipbuilding complex here with the Phividec Industrial Authority, the state-run agency tasked to develop industrial sites.
The facility will be the largest in the Philippines--even bigger than Hanjin's $1-billion shipyard complex in Subic--and will employ 20,000 people to make ship parts.
Hanjin general manager Jeong Sup Shim said his group decided to build the facility after the Philippine government declared the 441.8-hectare project site an economic zone.
Hanjin would spend at least P4.6 billion a year to pay the employees of the shipbuilding complex, which will produce pipes and light bridges with a maximum capacity of 80,000 tons a year starting next year, when the first phase is completed.
The facility's capacity will increase to a maximum of 830,000 tons in the next 15 years, when it starts producing cargo and container ships. [10/01/08]
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