THE Philippines expects a deeper business engagement with South Korea following the visit here of a high-level investment mission from Seoul, according to the Department of Foreign Affairs.
A HIGH-level investment mission from South Korea visited the Philippines to look into promising business prospects in the Philippines’ flourishing infrastructure sector.
The visit—which pushed Seoul’s ‘New Southern Policy’ —was attended by 12 prominent Korean companies, composed of representatives from Korea’s conglomerates (chaebols) and major companies engaged in infrastructure development, energy generation and waterworks, participated in the mission.
The agency also said the visit of the Korean infrastructure investment mission was organized by the Asean Korea Center in coordination with the Philippine Trade and Investment Center, DTI-Board of Investments and the Philippine Embassy in Korea in view of the Korean business community’s interest to invest in the Philippines’ thriving economy.
The mission commenced with a visit to the Clark Freeport and Special Economic Zone.
During the visit, the Philippine Embassy in Korea, in a statement, underscored the Philippine government’s strong commitment to boost spending on infrastructure projects in the Philippines which is projected to reach P8.9 trillion up to the year 2022 as the Philippines accelerates infrastructure development under the “Build, Build, Build” program of the administration of President Rodrigo Duterte that aims to usher in a Golden Age of Infrastructure in the Philippines.
The DFA invited the members of the mission to “join the Philippines in achieving greater growth and prosperity” and expressed optimism that “with Korea’s advancements in the infrastructure sector, there would be vast possibilities for partnership and cooperation for continued sustainable development in the Philippines.”
The mission culminated in a “Philippines-Korea Investment Forum on Infrastructure and Energy” which was convened on Jan. 30 at the Sofitel Hotel in Manila.
The event garnered a high turnout of attendees, the DFA said, noting this signified the keen interest of the Korean business community in the Philippines’ promising investment potential.
The Philippines expressed hope the mission would contribute to bolstering infrastructure cooperation between the Philippines and South Korea and that “new Korean-invested projects would contribute to changing the skyline of Manila and other regions in the Philippines.”
During the Forum, the DFA invited the Korean companies to participate in Philippine infrastructure projects, either as EPC contractors or equity investors, underscoring Philippine infrastructure and construction companies were eager to partner with Korean companies who have expertise in the development of large-scale infrastructure such as airports, roads, bridges, power, water, and related utilities.
In turn, the Philippines, through its embassy in Korea, pledged the full support of the DTI and Philippine Embassy in Korea in facilitating business matching and the implementation of infrastructure projects between the Philippines and Korea.
The forum provided an opportunity for the members of the mission to be apprised of investment opportunities in the Philippines’ infrastructure sector, to be informed of the Philippine government’s policies for potential foreign investors and to network with government officials and business counterparts.
