By Argyll Cyrus Geducos
BUSAN, South Korea – At least nine large South Korean companies have expressed their intention to do business in the Philippines as business leaders met with President Duterte at the sidelines of the Association of Southeast Asian Nations-Republic of Korea (ASEAN-ROK) Commemorative Summit here.
President Rodrigo Roa Duterte discusses matters with the officials from various South Korean companies who paid a courtesy call on the President at the Paradise Hotel in Busan, Republic of Korea on November 25, 2019. KARL NORMAN ALONZO/PRESIDENTIAL PHOTO/ MANILA BULLETIN
According to Presidential Spokesperson Salvador Panelo, Duterte told top officials of Korean companies the significant headways made under his Administration in terms of macroeconomic policies and infrastructure build-up connectivity.
"President Duterte particularly cited the enactment of the Ease of Doing Business Law, the massive infrastructure program -- some of which are funded by the Republic of Korea -- and the implementation of the Inclusive Industrial Strategy," he said.
According to Trade Secretary Ramon Lopez, some of the Korean companies that met with President Duterte here Monday were already in the Philippines and are planning to expand, while some are planning to come in.
Some of the companies which expressed interest in doing business in the Philippines are:
1. Daesang, the world’s top three fermentation exclusive company and one of the top general foods company in Korea;
2. Hyundai Engineering & Construction Co., Ltd., a Korea-based company mainly engaged in the construction business;
3. DCC, a property development company involved in the building of integrated townships, condominiums, commercial areas, and golf courses, among others;
4. JS Development Corporation, a company that specializes in big scale dredging activities using state-of-the-art equipment and environment friendly procedures;
5. Korea Overseas Investment and Urban Development (KIND), an organization that provides comprehensive support for Korean companies to expand their overseas investment and development business activities;
6. LG CNS, a subsidiary of LG Corporation that provides information technology services including consulting, system integration, network integration, business process outsourcing, and information technology outsourcing;
7. Pan Co., Ltd., a specialized company in development of recycle plant facilities and manufacture the system to exchange the wasted garbage to fuel;
8. DOHWA, one of the reputed top civil engineering firms in South Korea; and
9. Dae-il Corporation, a Korea-based company mainly engaged in the manufacture of automobile parts and heavy equipment parts.
President Duterte is in Busan to participate in the ASEAN-ROK Commemorative Summit and to hold a bilateral meeting with South Korean President Moon Jae-in.
During their meeting, both leaders resolved to further boost the Philippines and South Korea's 70-year ties, with Moon even suggesting that both countries should now start thinking of elevating their relations to a strategic partnership.
Duterte, on the other hand, lauded how the Philippines and South Korea are connected like "blood brothers" and thanked the East Asian Nation for assisting the Philippines in times of need, particularly during the series of earthquakes that rocked Mindanao early this month.
President Duterte also invited President Moon to go on a State Visit to the Philippines next year. According to Lopez, Moon’s visit would also be a good time for both countries to sign a free trade agreement.