AN ESTIMATED $4.9-billion worth of investment agreements were signed during President Rodrigo Duterte's official visit to South Korea.
Duterte on Tuesday, June 5, witnessed the signing of some 23 business deals that are expected to generate 50,000 new job opportunities for Filipinos.
About one memorandum of agreement (MOA), six memoranda of understanding (MOU), and 16 letters of intent (LOI) were inked during the business forum attended by Duterte.
In a keynote speech, the President was elated by the signing of the business deals, which he said demonstrates the robust trade and investments partnership between the Philippines and South Korea.
"South Korea remains one of our major sources of foreign investments approved by investment promotion agencies. [With] the signing of new business agreements, it is my hope that these will be realized as actual investments and maximized to their full extent," Duterte said.
"You may consider greater investments in these sectors: shipbuilding; manufacturing; food production and food processing; agribusiness; energy, including renewable energy; finance and banking; infrastructure; tourism and real estate; and, other [labor]-intensive Korean industries," he added.
At the forum, a MOA on the donation of two firetrucks and two car ambulance from Korean Federation of Fire Association to the AUthority of the Freeport of Area of Bataan was signed.
The Association of Southeast Asian Nations (Asean)-Business Advisory Council and the Asean-Korean Centre with Korea Federation of Small and Medium Business signed an MOU on the establishment of a partnership meant to develop programs under the regional bloc's mentorship for enterpreneurs network.
Another MOU on the exchange of information about commerce, industry market, trade opportunities focusing on small and medium enterprises (SMEs) were signed by the Philippine Chamber of Commerce Industry (PCCI) and the Korean Federation of Small and Medium Business.
Also, the PCCI, together with Korea Importers Association, signed an MOU on promotion of trade, economic, science and technological cooperation.
The Philippine Overseas Construction Board and the International Contractors Association of South Korea inked an MOU on information exchange in construction and engineering, SMEs' promotion, and science and technology programs.
An MOU on promoting linkage of trained manpower to enterprises between Philippine Die and Mold Association and Korea Association of Machinery Industry was also signed.
The Philippine Utility Vehicle Inc. and DaeKyung Engineering Co. Ltd. signed an MOU on the establishment of joint development and promotion of green businesses in the Philippines, including smart grid and electric vehicles.
An LOI on dredging, reclamation, and reformation of pier at Port Irene in Sta. Ana Cagayan was inked between Cagayan Economic Zone Authority (CEZA) and Sea Offshore Services Corportation.
The CEZA also signed an LOI with the Fairbridge Overseas Development Philippines that intend to reinforce breakwater at Port Irene through build-and-transfer arrangement.
Another LOI was signed by CEZA with IP Ventures Inc. and Hanwha Life Insurance Co. Ltd. to create a hub inclusive of blockchain technology.
An LOI from SK E&S was signed to expand its operations to the Philippines on liquefied natural gas and power infrastructure, while an LOI from POSCO Engineering and Construction Co. was inked to expand operations to country on urban development, residential, airports, hospitals, and high-rise buildings.
The BKS Energy Industry Ltd. signed LOI to expand operations on solar power in San Pablo Isabela, while the Philips Holdings Co. Ltd. signed an LOI to expand electric automobile business operations to the Philippines.
An LOI for the expansion of wind power plant operations to the Philippines was signed by SY ENC Co. Ltd, while an LOI to expand operations on dredging and port rehabilitation to the Philippines was inked by Jungheung Construction Co. Ltd. and JS Development Co. Ltd.
SK Engineering and Construction signed an LOI to expand its power business activity, while PNK Aquaculture and Trading signed an LOI to expand operations on freshwater eel production in Sta. Cruz, Occidental Mindoro.
Andamiro inked an LOI for the expansion of its business activity on real estate development in Tagaytay City, while Taesong Kimchi Company signed an LOI to expan kimchi food business in the Philippines.
Hyundai Motor Co. and Hyundai Asia Resources also signed and LOI that seeks participation in public utility jeepney modernization program by providing environment-friendly automobile technologies.
The last LOI signed between Hyundai Motor Co. and Hyundai Reources Inc. was meant to review medium to long-term plans to build an assembly plant for passer vehicles. (SunStar Philippines)