In the coming years, the China Ocean Shipping Company (COSCO) is set to build a shipping complex development project in Sangley Point, Cavite. The shipping company aims to develop an international transshipment point in a special economic zone.

The plan to spend almost 3 billion dollars for the development of this project came when We Jia Fu, President and Chief Executive Officer of COSCO accepted President Gloria Macapagal Arroyo’s invitation to visit the Philippines and look for business opportunities here. The plan was announced when the COSCO president visited Malacañang recently for a courtesy call.

The COSCO is an international giant, specializing in shipping and modern logistics, serving as a shipping agency and providing with services in freight forwarding, shipbuilding, ship repairing, terminal operation, trade, financing, real estate and IT industry as well with an aim at taking one of the leading roles in these areas.

If this project pushes through the many Filipino seafarers and workers will no longer need to seek for work out of the country.

Another company, the Hanjin Corporation of Korea invested 1 billion dollar for the development of a shipyard project at Subic Bay Freeport in Zambales early this year. Hanjin is the 4th largest shipbuilding facility in the world.

Eight years fro now, the Hanjin's Subic Bay facility is expected to manufacture the world's largest tanker as well as create 40,000 direct and indirect jobs. On the other hand, the COSCO's facility is expected to create 100,000 jobs mostly for the Filipino seamen.