Olongapo SubicBay BatangGapo Newscenter

Wednesday, February 18, 2009

South Koreans have 61 projects in Subic

Korean Trade Chief Leads Mission To RP
A delegation of top-level South Koreans is expected to arrive in Manila today for a business forum which is hoped to boost economic ties between their country and the Philippines, an envoy said Tuesday.

In an exclusive roundtable with The Manila Times, South Korean Ambassador to Manila Choi Joong-Kyung said about 100 business leaders, to be led by South Korean Trade Minister Kim Jong Hoon, would meet with local economic managers to discuss the investment climate and opportunities in the Philippines. Joining the minister are the heads of the Korean Chamber of Commerce, Korea Investment Corp. and Korea Trade-Investment Promotion Agency, South Korean local government officials and potential investors.

Choi said this is the biggest delegation of South Korean business leaders to come to the Philippines.

He added that local government officials, such as the head of the Trade department’s Board of Investments (BOI), and the secretaries of Agriculture, Environment and Tourism departments are expected to familiarize this group of South Korean businessmen on how to do business here.

This business forum is the first of a series of events that would kickoff the celebration this year of the 60th anniversary of diplomatic ties between the Philippines and South Korea, Choi said.

“The business forum is intended to further enhance economic cooperation between the two nations, especially amid the global economic crisis,” he explained.

Crisis only temporary

The envoy said he was excited about the business forum, even as he hinted that the influx of South Korean investments to the Philippines would be affected by the global financial crisis. He explained that many South Korean companies are also getting badly hit by the financial crunch, so during these times, South Korean businesses might hold back from investing outside their shores.

But Choi said this global meltdown remains a “good period for South Korean firms to conduct feasibility studies so that they are more prepared to take action when the crisis is over.”

Filipinos would also benefit from the business forum, the ambassador said, as he deems that this is “a good preparation for a surge in foreign direct investments from South Korea when things are better.”

Choi said many South Korean businessmen are still very interested to invest in the country’s agribusiness and tourism sectors.

South Koreans were among the top foreign investors in the country last year, various government data show.

Preliminary data from the Trade department showed that South Korean investments in the Philippines which were registered with Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) in 2008, when combined, reached P24.023 billion, up 482.73 percent compared with the total BOI and PEZA-approved South Korean investments of P4.122 billion in 2007. The data also showed that South Korea was the third-largest source of foreign direct investments registered with BOI and PEZA last year, only behind The Netherlands and the United Kingdom.

Meanwhile, Subic Bay Metropolitan Authority earlier reported that 61 projects amounting to a total of $201.8 million (about P9.48 billion) were pledged by South Korean investors to the free-port zone last year. By Ben Arnold O. De Vera, Manila Times

Labels: , ,


Post a Comment

<< Home


This is a joint private blog of volunteers from Subic Bay. It is being maintained primarily to collate articles that may be of importance to decision making related to the future of Subic Bay and as a source of reference material to construct the history of Subic Bay.

The articles herein posted remains the sole property of original authors and publications which has full credits to the articles.

Disclaimer: Readers should conduct their own research and due diligence before using any article herein posted for whatever intended purpose it may be. This private web log will not be liable for any loss or damage caused by a reader's reliance on information obtained from volunteers of this private blog.

www.subicbay.ph, http://olongapo-subic.com, http://sangunian.com, http://olongapo-ph.com, http://oictv.com, http://brgy-ph.com, http://subicbay-news.com, http://batanggapo.com 16 January 2012