February 6, 2007

South Korean group to invest in Philippine prawn industry

A group of investors from South Korea is willing to put up P45 million (US$924,860) as capital investment to venture on prawn culture industry in Puerto Princesa City in Palawan province which could boost the area's economy and provide job opportunities to the local residents.

The Palawan Korea Corp. (PALKO), through its president and chief executive officer (CEO) Hae Kap Kim said the group is looking to develop some 1,000 hectares of fishpond for shrimps using the state of the art modern technology and better development of the city's Sta. Lucia Environmental Estate.

Kim said the PALKO is on experimental stage of shrimp culture in Barangay Iwahig in this city as the group anticipates the implementation of a memorandum of agreement (MoA) signed last year between city government and PALKO for the said purpose.

He said they are coordinating with city mayor Edward Hagedorn for the final signing of a joint venture agreement between the two parties and starting the project operation that could spur economic growth and gives some 1,000 jobs to the Puerto Princesans.

Kim, who described Palawan as land of promise due to its rich natural resources, explained that PALKO is optimistic of pushing through with the project because of the high demand for shrimps in South Korea, Vietnam and Thailand.

He also assured that they will adhere to environmental measures to prevent destruction once the operation starts.

Asked on how many years the PALKO intends to operate, Kim said, "forever", adding he wants to settle in this island province, including his family.