By MARK FRANCISCO

 PICT0129

HANJIN Heavy Industries and Construction Corp. will resume its shipyard construction in Misamis Oriental once the global economic crisis is over.

Hanjin Heavy president Jeong Shup Shim forecast that the crisis is coming to an end soon and expected his firm to resume operations at the Phividec Industrial Estate immediately after.

Jeong declined to give a target date. He said the Hanjin group is one of the most ‘‘conservative’’ private companies in South Korea in terms of expanding investments. Hanjin Heavy is one of the companies comprising Hanjin Group.

Earlier, it was reported by Asia-Pacific media that many firms in South Korea stopped expanding their investments abroad late last year as a means to streamline their expenses when the 2008 recession in North America slowly spread across the Atlantic in Europe, leaping towards Asia.

At the same time, Jeong said Hanjin Heavy has already resolved its issues with the local governments of Misamis Oriental.

It was reported in 2008 that Hanjin Heavy abruptly pulled out of its $2.5 billion shipyard project because of ‘‘disturbances’’ in dealing with the local officials.

Misamis Oriental Gov. Oscar Moreno said Hanjin wanted to deal only with one government agency––the Phividec Industrial Authority.

In March, Hanjin Heavy asked for a one-year extension of its memorandum of understanding with the government to build the shipyard in Misamis Oriental.

Facebook Comments