SEOUL, South Korea, (PNA) — An official of the Korea International Trade Association (KITA) cited the increasing relations between the Philippines and South Korea which, he said “goes beyond military, politics and economy reaching a wide spectrum of areas including society, culture, development and people-to-people exchange.”
In his remarks welcoming President Benigno S. Aquino III during the Luncheon with the Korean Businessmen at the Grand Hyatt Hotel here, Dr. Han Dick Soo said Korean companies are continuously diversifying their investments in the Philippines to include not only manufactured goods such as electronics, textiles, vessels and steel, but also software for mobile phones and security devices, media contents, cosmetics, and franchise brands.
“An increase in Korean participation in infrastructure can also be seen through several ongoing projects. Daelim has recently secured a contract to build a coal-fired power plant in the Philippines, Dr. Han said.
He also said that Korea Airport Corporation is providing consultation for the construction of a new terminal at the international airport in Manila and Korea’s Ministry of Agriculture, Food, and Rural Affairs successfully completed a corn processing facility as part of its international cooperation project, as well as Koica is in the process of installing irrigation systems in local farm lands.
Dr. Han noted that the economic cooperation between Korea and the Philippines is reaching new heights.
“Since Korea has extensive work in the infrastructure field through past experiences, I believe we can help contribute towards the Philippines growth and development,” he said.
He added that future cooperation with major Korean manufacturers that already have their presence in the Philippine market, including Samsung Electronics, can present new opportunities for growth in the Philippines where the service sector accounts for 56 percent of its GDP and mining accounts for 33 percent.
Dr. Han likewise cited that the Philippines has achieved a growth rate of 7.6 percent in the first half of this year despite the sluggish growth in the East Asian Region.
“Its strength in business outsourcing, based on a foundation of steady household consumption and economic growth, is what makes the Philippines the most fast-growing country in East Asia,” he noted.
“Moreover, President Aquino’s initiative for promoting public-private cooperation is serving as a strong engine for the economy. I have no doubt that the Philippines’ robust market and Korea’s success in manufacturing can create sufficient benefits for both our countries,” Dr .Han further said.
He expressed hope that President Aquino’s visit to Korea will be a critical and valuable opportunity for us to strengthen our cooperation in the coming years.