PH, SoKor want closer partnership on infra, boost trade

PH-KOREA INVESTMENT FORUM. Philippine Ambassador to South Korea Raul Hernandez (left) and ASEAN-Korea Centre (AKC) Secretary General Kim Youn-sun lead the Philiipine -Korea Investment Forum held at Sofitel Philippine Plaza Manila in Pasay City on Tuesday. (Photo by Kris Crismundo/PNA)

MANILA — South Korea aims to strengthen its cooperation with the Philippines to partner with the Duterte administration’s infrastructure projects as well as to boost two-way trade between the two nations.

In a press conference Tuesday, Philippine Ambassador to South Korea Raul Hernandez said there are huge opportunities for Korean companies in the country, especially at this time when the government focuses on its Build, Build, Build Program.

Hernandez said the Philippine government is aggressive on its mission to inform Korean firms on their potentials in investing in the country as massive infrastructure projects are in the pipeline.

“We are trying to make sure that Koreans will be able to participate in this infrastructure bonanza,” the Philippine envoy to Korea noted.

ASEAN-Korea Centre (AKC) Secretary General Kim Youn-sun said that the South Korean delegation visiting the Philippines went to Clark Monday, looking at opportunities in Clark Freeport Zone, particularly the New Clark City project of the Bases Conversion and Development Authority (BCDA).

Kim added that South Korean President Moon Jae-in has been pushing for the “New Southern Policy”, which aims to strengthen Korea’s relations with Southeast Asian countries including the Philippines.

He noted that South Korea coined a new term for “VIP”, which stands for Vietnam, Indonesia, and the Philippines as countries which can offer huge potential for the East Asian nation.

He said Moon’s new policy also emphasized infrastructure projects in areas of transportation, energy, information and communications technology, and water management, among others.

Kim added that South Korea and the Philippines can cooperate on value-adding industries and digital economy.

“To upgrade our partnership, we need to focus on value-added industries like advanced technology and industries,” he said.

Aside from infrastructure, South Korean firms can also look into investment opportunities here in sectors of shipbuilding, automotive and electronics manufacturing, food production and processing, banking and finance, and other labor-intensive industries such as shoes, jewelry, and garments.

Moreover, the Philippines and South Korea also target to boost bilateral trade.

Hernandez said the Philippines aims to increase its exports to South Korean market to balance trade between the two countries.

Philippine Statistics Authority data showed that the country has trade deficit of USD720.85 million to South Korea.

“Philippine products that we are now targeting to promote in Korea aside from food products and agricultural products are design-driven products such as garments, furnishing, and holiday decors, electronic components, software and games, language courses, education services, and tourism retirement,” the Philippine envoy to Korea cited.