DAEWOOSA AMERICAN SAMOA GARMENT PROJECT DELAYED

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PAGO PAGO, American Samoa (March 26, 1998 - Samoa News)---The American Samoa Government is keeping all options open for Daewoosa-Samoa to complete plans to establish a second garment industry in the territory, Director of Commerce John Faumuina says.

Recent communications with Daewoosa representatives locally and in Korea, Faumuina pointed out, indicate that the company is facing financial hardships.

"It's not because they don't have the financial backing," Faumuina said, based on talks with Daewoosa officials. "The company is facing a lot of difficulty in transferring funds from their central Korea locations."

Daewoosa-Samoa has invested over $500,000 so far in the construction of facilities at the Tafuna Industrial Park, including a factory building, dormitories and kitchen.

"We're giving Daewoosa a lot of room to get its act together," the Commerce Director emphasized. "We need new industry and such an investment qualifies for all the support we can give."

The company originally had intended to start operations during January, 1997.

Daewoosa already has received a ten year partial Tax Exemption and a short term lease to use government land at Tafuna.

Daewoosa has stated that their future plans in American Samoa include a cardboard factory, a shoe factory and development of a fishing-based tourist resort.

Stories from the SAMOA NEWS, American Samoa's daily newspaper, may not be republished without permission. To contact the publisher, send e-mail to samoanews@samoatelco.com

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