KOROR (Palau Horizon) — The Foreign Investment Board has rejected the application of Daewoo Engineering and Construction Co. Ltd. for a project separate from the 53-mile Compact Road it is currently completing for Palau.
The board denied the application, saying that the firm must first finish the Compact roadwork before it sets up a business of its own in Palau.
The firm is seeking a 10-year renewable period for their investment certificate application.
The company filed the application last December. It intends to submit proposals for major government or private construction projects.
Daewoo is the sub-contractor of the U.S. Army Corps of Engineer for the $149 million Compact Road project.
Around 40 percent of the project had been accomplished by the firm. The project is expected to be completed in the summer of 2004.
The firm, in its application, promised to bring in more equipment and personnel for Palau’s capital improvement projects.
