Clark Development Corporation (CDC) of the Philippines and the Republic of Korea’s Land and Housing Corporation (LH) have signed a memorandum of understanding (MOU) on development cooperation to build a smart city at the Clark Freeport Zone, the Department of Foreign Affairs (DFA) said.
In a statement, the DFA said both countries signed the Development Cooperation MOU in Songdo, South Korea, on April 15.
CDC President Manuel Gaerlan led the CDC delegation at the signing ceremony, witnessed by Philippine Embassy’s Economic Officer and Third Secretary Reisha Olavario and Commercial Counselor Jose Ma. Dinsay.
Philippine Ambassador to South Korea Ma. Theresa Dizon-De Vega met with CDC Officials separately to discuss future PH-ROK cooperation projects and investment promotion for the Clark Freeport Zone.
Under the signed agreement with the CDC, the Korea Land and Housing Corporation (LH) will build a smart city in the Clark Freeport Zone. The proposed smart city will be linked to the Clark International Airport and is envisioned to become a logistics hub city with infrastructure for tourism, recreation, and aviation maintenance.
The smart city will use artificial intelligence and big data to process real-time information collected through sensors and allow city operators to make quick choices to resolve problems or analyze data for future plans.
During the MOU signing, Gaerlan said he was looking forward to technology sharing through the MOU, especially the Korea Communications Technology network, which LH Urban Development will use for the K-Smart City Development.
The CDC heralded the Smart City MOU as a leap forward in the Philippines’ shift to the 4th Industrial Revolution. It is likewise a testament to the Philippines and the Republic of Korea’s shared ideas on prosperity in the Asia Pacific and our increased economic cooperation.
Trade opportunities
Meanwhile, De Vega and newly installed Chairperson Byung-Kwan Kim of the Korea Importers Association (KOIMA) met on April 18, where they both recognized the importance of working together to recover from the effects of the Covid-19 pandemic and to strengthen further the economic relations between the Philippines and South Korea.
De Vega also discussed opportunities for the private sector once the Philippines-ROK Free Trade Agreement comes into full implementation. She invited Kim to organize another KOIMA business mission to the Philippines to explore new products that can be imported into Korea.
The Philippines will be participating in the upcoming Import Goods Fair (IGF) organized by KOIMA, one of the major trade shows in Korea.
After the Courtesy call, Ambassador De Vega and Commercial Counselor Jojie Dinsay met with five KOIMA member companies to introduce new products from the Philippines.