Saturday, December 02, 2006 Sokor firm targets Oro, Tagoloan sites
MORE and more foreign investors are showing confidence in Cagayan de Oro City's vast investment opportunities, as they are attracted to do business here.
Mayor Vicente Y. Emano disclosed that a technical team from the world's fifth largest steel company Posco, a giant South Korean steel firm, is coming over in Cagayan de Oro on the third week of December, this year.
Emano said the engineers from Posco will be in the city from December 15 to 20 to inspect potential areas in Cagayan de Oro and the neighboring town of Tagoloan where the largest industrial estate, Phividec, is located, as possible project site of their steel plant in this part of Asia.
The mayor said the steel giant firm will have an initial investment of US $750 million and he hopes that the company's technical team will find the city and the province as good location of their steel plant in South East Asia.
Emano asked assistance from the executives of Hotel Koresco, one of the biggest South Korean investments in the island region, to convince the Posco executives to invest in the country instead of going to other Asian countries.
Another Korean giant, Han Jin Shipyard, is lured by the mayor to put their plant in the city instead of putting it in other areas of the country.
Emano said that Phividec is a viable place for these investments as it can provide investors business advantage especially in terms of cost effective manpower, cheap water and power supply and no bureaucratic red tape.
If the representatives of the companies will favorably endorse the city for their investments, the mayor said he will visit South Korea this coming holiday season just to seal their investment proposals in the city and the province.
If these will pursue, the firms will give more than enough development for the local economy as well as job opportunities for the people. (CIO)
