The Board of Investments (BOI) and the Korea Trade-Investment Promotion Agency (KOTRA) have formalized their partnership to strengthen bilateral trade and investment ties between Manila and Seoul.
In a Memorandum of Understanding (MOU) signed on Oct. 7, 2024, the two agencies committed to jointly promote investment opportunities and facilitate cross-border business activities.
The partnership comes on the heels of the recent ratification of the Philippines-South Korea Free Trade Agreement (FTA).
“This MOU will allow us to leverage South Korea's advanced industries and technological expertise while promoting the Philippines as a hub for sustainable manufacturing and innovation,” Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said.
The MOU outlines plans for joint investment promotion activities, including investment seminars, trade missions, and business matching events.
Both organizations will also work together to build economic and industrial linkages between Philippine and South Korean companies.
The partnership is expected to benefit both countries, as it will create new opportunities for investment and growth, particularly in high-impact sectors like electric vehicles, renewable energy, and critical minerals processing.
The Philippines maintains strong economic ties with South Korea, which is one of its key trading partners in Southeast Asia.
Trade between the two countries exceeded $12 billion in 2023 and is anticipated to expand as the FTA comes into effect.
Significantly, South Korean businesses are prominent foreign investors in the Philippines, with a focus on areas like infrastructure, energy, and manufacturing.