Korean business group wants to attract more investments in Cebu
CEBU CITY, Philippines—While Cebu remains a popular destination for Korean tourists, the Cebu Korea Association wants to encourage more Koreans to invest in manufacturing and industrial sector.
However, because of the many steps in processing business and other permits requirements, Korean investors find it difficult to start their business here in Cebu, he pointed out.
Charlie Cho, president of the Cebu Korean Association, explained that having more investments in manufacturing and industrial sector from Korea would create more jobs.
Cho mentioned two Korean companies, the STX Company Ltd. and K-Water, as among the companies they wanted to bring in. The STX company is engaged in both shipbuilding and power plant business.
“As of now, STX company is looking for an area where they can put up a plant in Cebu,” he said.
The company is looking at the possibility of putting up a shipbuilding facility and looking for possible area here where this facility could be located.
According to Cho, the company would like to come to Cebu because of the lower labor costs and the good quality of labor.
On the other hand, K-Water has invested in the Angat dam project, in partnership with San Miguel Corporation, which supplies 80 percent of Metro Manila’s water requirements.
“K-Water controls all water in Korea. K-Water doing business in Manila and they build a dam to supply fresh water in Metro Manila. The K-Water wants to build a dam in Cebu,” Cho disclosed.
Meanwhile, Cho suggested that Cebu come up with more activities and attractions to bring in more tourists, including Koreans.
He suggested that a mini-Disneyland and more water and sports activities would help bring in more tourists.
Korea has remained the top source of tourists in Cebu, reaching 900,000 last year, he said. Also, at least 20,000 Koreans have been based in Cebu./dcb
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