Improving economic ties with the Philippines – South Korea

South Korea plans to ramp up their investments in the Philippines this 2018. Projects are planned in support of the government’s huge infrastructure program.

Furthermore, South Korea is aiming to boost trade between the two countries.

According to South Korea’s Ambassador to the Philippines Han Dong-Man “President Duterte asked me to invite more Korean companies to invest here. I promised the President that during my term, I will try to do my best to bring more Korean tourists of up to two million (annually) and bring more Korean companies to invest in the Philippines.”

Koreans are among the top visitors to the Philippines last year. However, investment pledges from the country dropped last year.

“The Philippines is a very promising market, an emerging market. Given the potential of Philippine infrastructure, I am very confident Korean companies will come here to invest in many infrastructure projects,” Ambassador Han said.

12 Korean companies in different fields gathered in the Philippines yesterday for the Philippine-Korea investment forum on infrastructure and energy. According to ASEAN-Korea centre secretary general Kim Young Sun, Korean companies are interested and eager to find business opportunities in the Philippines.

Aside from boosting investment, Han would also try to increase the bilateral trade between the two countries during his term. Also, this is supported by the Philippine Ambassador to South Korea Raul Hernandez and according to him, Korea is already the 7th largest investor in the country.

Moreover, Emmanuel Ang, commercial counselor of the Philippines to Korea said that. “In general, the attitude of Korean companies in investing in the Philippines is very upbeat. Above all the noise, they see the market in the Philippines and the economic growth.”

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