Korean investors seen expanding presence in Philippines

South Korean investors are coming to the country late this month to explore business opportunities here, particularly in the infrastructure, agriculture and natural resources sectors.

A South Korean business delegation will attend the Philippines-Korea Development/Business Partnership Forum, which is hosted by investment and trade agency Korea Trade-Investment Promotion Agency (Kotra), business publication Financial News Inc. and the Embassy of the Republic of Korea in the Philippines.

The forum is aimed at developing mutually beneficial partnerships and further increase trade and investments between the Philippines and South Korea.

In a statement, Kotra Manila director general and Korean Embassy Trade Commissioner Johwan Choi said that bilateral relations between South Korea and the Philippines had already taken great strides.

Choi said Korea was now the Philippines’ fifth-largest trading partner and third-largest investor. Also, the Philippines is Korea’s third-most attractive investment destination in South Asia, she added.

As of end-2011, Philippine exports to Korea reached P3.7 billion, while Philippine imports from Korea amounted to P7.6 billion.

According to Choi, investments made by South Korean companies in the Philippines were mostly in the areas of shipbuilding, power generation, manufacturing and electronics.