Korean investors find Subic Bay suitable for high-tech industries
Balita News
visited this freeport to explore possible investment opportunities
have the Subic Bay Freeport (SBF) is "suitable for high tech
industries."
"It is decidedly an excellent place to invest in and we will be
in touch after this visit," said Cho Si Young, Chairman of the
Shiheung Chamber of Commerce and Industry, Inc. who led the 21-member
delegation.
Subic Bay Metropolitan Area (SBMA) chief operating officer
Antonio Rex Chan expressed confidence the Korean investors are like
to put their money in Subic.
"We welcome the show of interest by our Asian neighbors to locate
to Subic Bay Freeport for this is a definite manifestation of
continued investors' confidence in us," said Chan, adding the renewed
interest also shows that the Asian economy is on its way to
recovery.
After having received a briefing from representatives of the
Subic Bay Metropolitan Authority (SBMA) Trade and Tourism Department,
the business delegation were also give a tour of this former United
States naval facility.
The Korean group admitted to having been impressed by the
physical environment of the freeport, describing as "clean and
green."
"The place is too good to build factories in. Hi-tech industry
will be more suitable for it," one of the delegates said.
There are now three South Korean investors in the freeport, two
of which include Jaycee Subic Corp. which manufactures nylon bags,
tents and sports jackets, and Jyung Myung Fishing Rods Manufacturing
Corp. which manufactures fishing tackles.'
The third is the Korea-Subic Pacific Products Corp. which
produces and assembles fishing tackles and accessories and
manufactures and assembles textile bags.
All three Korean companies have a total committed investments of
$325,000. (PNA)
JCN/CALS/ /jsd
PNA 07081609