Korean Firm to set up P2-B investment in Davao

A BIG company in South Korea engaged in food processing has confirmed to invest in Davao City, according to an official of the Board of Investments (BOI) in Mindanao.BOI chief Gil Dureza said Tuesday that CJ CheilJedang Corp., a company based in Korea, is willing to invest P2 billion for the project. Dureza claimed that the senior manager of the company, Baik Moon Hyun, has visited Davao City five times already to check on the viability of a food-processing project in the city.
“Iba-iba ang purpose niya whenever he visits the city. Next month, the company’s technical team will be coming over,” he said.

Dureza said the company has already identified at least four areas in Panacan, this city for the project.
“I understand that they are also willing to expand their company here in Davao after the project gets accomplished,” Dureza said, adding that the commitment of the CJ CheilJedang Corp. is a big opportunity not only for Davao City, but also for Dabawenyos.

Dureza, on the other hand, claimed that one of the reasons why foreign investors are interested to invest in Mindanao particularly in Davao City is because of the abundance of raw materials in this part of the island.

Dureza meantime said that there is an estimated P6.7 billion worth of investments in Region 11 last year.
“We hope that this year, we can have more than that. We are working hard to surpass the investments last year,” Dureza said


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