Cosco still keen on RP – Favila
The China Ocean Shipping Co. (COSCO) has not lost interest in investing billions of dollars in the
“COSCO is still interested to make the
Favila was reacting to earlier reports that Cosco, which earlier proposed to invest $5 billion for a port in Sangley Point, will no longer invest their money in the country.
In November, Ambassador Francis, Chua special envoy on
Favila himself admitted that COSCO has not been in contact with him for months.
When asked if this is enough indication that COSCO has lost interest in investing in the country, Favila said “let me put it this way, all businessmen who would like to invest here talk to me constantly.”
The COSCO investment was first made public in May.
Initially, Cosco wanted to construct a modern port at the Navy headquarters in
“They will be using the Philippines as a hub for shipment to Europe and America, so all cargo from Asia will come to the Philippines, using the Philippines as a staging point to go to US, North America, Europe and vice versa,” Chua said.
He added that Cosco’s facility is expected to generate about 100,000 jobs, particularly for the country’s seafarers.
Founded in 1961 as the pioneer international shipping carrier in
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