Thursday, May 08, 2008 Cebu business leaders forge ties with S. Korean investors
CEBU, known in South Korea as a “honeymoon city,” will soon host Korean investments within the year.
This, as a result of the trade mission to South Korea last April where initial partnerships were forged between the Cebuano and South Korean businessmen.
In the trade mission, 10 members of the Cebu Chamber of Commerce and Industry (CCCI) met with representatives from the Korean Chamber of Commerce, Korean Import Association and the Korean Trade Association.
Chito Recamadas, chairman of the South Korean business mission, said the Koreans are interested to put up investments in the real estate, automotive and marine agriculture industries.
Recamadas said that since there are 15,000 Koreans staying in Cebu, investors are also interested to venture into a partnership on healthcare insurance.
Most Koreans in Cebu are here to study English as a second language (ESL) and are staying for a maximum of six months.
“They are upbeat about Cebu as an investment site,” Recamadas said.
However, since the Koreans are interested in real estate, Racamadas said the constitutional restrictions on foreign ownership of property may pose a problem.
Under the Philippine Constitution, foreigners can only own 40 percent of real property through a joint venture or partnership with Filipino citizens.
Other than that, Recamadas said the Koreans see Cebu’s business climate as “ready” for Korean investors.
He said getting abalone from Cebu is also being explored by a Korean businessman since Philippine abalone has the same quality and taste as the ones in Korea.
Abalone is an edible bi-valve and its shell is used as décor material. In Korea, though, abalone is mainly used for food.
Korean businessmen are also planning to visit Cebu in October to realize the objectives of the trade mission. (DME)
