HD Hyundai will expand cooperation with the Philippine government for the Philippine Navy's modernization and the development of the local shipbuilding and defense industries.
According to HD Hyundai on the 8th, the previous day Chairman Chung Ki-sun of HD Hyundai met in Korea with Gilberto C. Teodoro Jr., the Philippine defense minister, and discussed ways to expand cooperation in shipbuilding and defense.
HD Hyundai said that on this day, Minister Teodoro emphasized that cooperation with HD Hyundai is important for modernizing the local navy and revitalizing the shipbuilding industry, and conveyed a positive stance on HD Hyundai's business expansion in the Philippines. At the meeting, Minister Teodoro also was said to have expressed a desire to continue seeking mutually beneficial cooperation between the Philippines and HD Hyundai.
According to HD Hyundai, the meeting highlighted HD Hyundai's Subic Shipyard in the Philippines, which began operations last year, as an important turning point in industrial cooperation between the two sides. HD Hyundai recently launched a vessel built at the yard and plans to gradually strengthen production capacity in line with local operating conditions.
The meeting also discussed the results of the defense industry cooperation built last year between HD Hyundai and the Philippines and ways to strengthen cooperation for initiatives such as the Philippine Navy's modernization going forward.
Starting with the Philippine Navy's first frigate contract in 2016, HD Hyundai has continued cooperation with the Philippines on naval vessel projects, including new ship construction and follow-on frigate programs. To date, HD Hyundai has won orders for 12 naval vessels from the Philippines and delivered six.
Chung said, "Based on the consistent policies and cooperation of the Philippine government and navy, we have made a significant contribution to elevating the Philippine Navy's capabilities and HD Hyundai has been able to carry out its business stably," adding, "Grounded in mutual trust and the experience that has brought success and expansion to our business over the past 10 years, we will seek long-term industrial cooperation opportunities in more diverse fields beyond commercial and naval shipbuilding."