French Shipbuilders OCEA Looks to Invest ₱1.5 Billion in the PH

On Wednesday, the Department of Trade and Industry (DTI) disclosed that OCEA, a French shipbuilding company, has expressed plans of investing ₱1.5 billion to build a shipyard in the country.

The announcement comes after OCEA Chief Executive Officer Roland Joassard discussed the idea during the most recent joint economic committee meeting between France and the Philippines held in the past week.

Around 500 to 600 indirect jobs are expected to be generated from this project. However, OCEA has not yet given a definite site or timeline for the shipyard.

Aside from shipbuilding, potential bilateral cooperation in the industries of agriculture, aviation, aeronautics, creatives, electronics, transportation, and energy and green technology were also reviewed during the economic meeting.

Franck Riester, French Minister for Foreign Trade and Economic Attractiveness, also assured financial support for the government’s transportation projects.

“Both countries also identified specific projects on dairy development, geographical indications, and control and eradication of African Swine Fever (ASF) in the agriculture sector, and areas for market access as the Philippines and France prepare for a future bilateral agriculture meeting,” added the DTI.

Source: BusinessWorld