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Saturday, August 23, 2003
Koreans open firms in Cebu
KOREANS are not only boosting Cebu’s tourism industry, they are also helping the province’s economy with their long-term investments.
According to Cebu Korean Association president Johny Back, many Koreans, who are now living in Cebu, have been venturing into the business of food, resorts and travel agencies, among others.
Back himself owns three companies in Cebu. These are fashion accessory manufacturer Fashion Island Trading, Korean Grocery Store, and restaurant and bar Sunflower City.
“Cebu is a good place for investment,” he said Thursday on the sidelines of the opening of Sunflower City, located on Salinas Drive, Lahug.
Families
Back said there are some 600 Korean families in Cebu. Most of them are doing business in the area.
In his newest business venture, Back invested P30 million for the construction of the 900-square-meter resto-bar building.
The whole property, including the parking lot, is about 2,000 square meters.
Back said the entertainment center aims to cater to the needs of Cebuanos to relax, unwind and gather together for fun.
The Koreans have saved the country’s tourism industry, which was greatly affected by the aftereffects of the Sept. 11 terrorist attack on the United States in 2001.
Tourists
As Japanese tourists shied away from Cebu due to the travel ban imposed by the Japanese government, more and more Korean tourists traveled to the province.
Cebu Investment Promotions Center managing director Joel Mari Yu had earlier said the coming of the Koreans as tourists could be the start of a stronger business partnership between Korea and Cebu. Tourism was also the start of Cebu’s linkage with Japanese investors.
“Japanese investors now in Cebu were once tourists who enjoyed the province’s tourist attractions then later on discovered that Cebu is also good for business,” he said.JBN |
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