Korean firm announces plans to build ships in Ghana

Works and Housing Minister Alban Bagbin         STX Engineering, the Korean Company contracted by government to undertake a multibillion dollar housing project in the country later this year says it intends to venture into other areas. Its Group Chief Executive D. S. Kang who is on a visit to the country told newsmen after a meeting with the Housing Minister, that they intend to make Ghana the economic Mecca of Africa by investing in a multi-purpose industrial complex that would include cement and steel manufacturing plants, a power generation facility and a technology-training center. STX, which is also the world’s fourth biggest shipbuilder, also aims to construct ships and platforms for oil exploration companies. Speaking through an interpreter, the STX boss said the company intends to establish the foundation for industrial infrastructure in the country. Vice President John Mahama has been to Korea with members of the Minority in Parliament to seal the housing deal estimated at over 200 billion dollars. Parliament has deferred the agreement after its Select Committee on Finance was unable to complete work on it during the recent recall from recess. Works and Housing Minister Alban Bagbin however told the visiting STX delegation the bipartisan interest in the project is enough guarantee that the company’s investment is secured. STX will construct 200 thousand Public Housing Units and 300 luxury pieces for government officials. More than fifty thousand of the homes will be sold directly by government while HFC Bank will mortgage the rest. It is expected that the project will create about 400 thousand jobs. Source: Joy Business/Myjoyonline.com