THE municipality of Cordova has strengthened its economies ties with South Korea to boost each other’s agriculture and fishery sectors.
In a statement, Cordova Mayor Mary Therese Sitoy-Cho signed a memorandum of agreement with the local government units of Wonju City, Hoengseong County and Sukcho City for a fishery and agricultural exchange program.
Under the agreement, participants from Cordova will be sent to South Korea to undergo agricultural and fishery training for three months.
They will be exposed to South Korea’s sophisticated farming and fishing methods that could be replicated in the municipality.
The Cebu Korean Association (CKA) has likewise pledged to assist in the processing of their visas, among other requirements.
“These partnerships give us one of a kind opportunity for our people to learn and experience South Korea for three months. This also strengthens the bond between the Philippines and South Korea,” said Cho.
Aside from the technical experience, the beneficiaries will also be given cash allowance to take care of their personal needs and the needs of their families while they are away.
Cho said other LGUs in South Korea have expressed interest in the program. She said she is looking at the possibility of extending the agreement to the rest of Cebu.
Philippine exports to the Republic of Korea stood at $218.16 million in January this year. Korea ranked sixth in the country’s top 10 market destinations for the month. It, however, ranked second with imports, valued at $899.99 million in January 2018, contributing a share of 10.5 percent.
Import from this country rose to 53.3 percent from $587.03 million in January 2017.
ASEAN-Korea Centre (AKC) Secretary General Kim Youn-sun in reports said, South Korea coined a new term for “VIP”, which stands for Vietnam, Indonesia, and the Philippines as countries that can offer huge potential for the East Asian nation.
He added that South Korea and the Philippines can cooperate on value-adding industries and digital economy.
Aside from infrastructure, South Korean firms can also look into investment opportunities in shipbuilding, automotive and electronics manufacturing, food production and processing, banking and finance, and other labor-intensive industries. (KOC)