PCCI, Korean biz group ink pact to promote economic cooperation

FILE PHOTO: The Philippine Chamber of Commerce and Industry (PCCI) signs a memorandum of understanding (MOU) with a major economic organization in South Korea on Monday, October 7, 2024, to promote greater economic cooperation between their respective countries. INQUIRER FILES

The Philippine Chamber of Commerce and Industry (PCCI) on Monday signed a memorandum of understanding (MOU) with a major economic organization in South Korea to promote greater economic cooperation between their respective countries.

During the signing of the MOU with the Federation of Korean Industries (FKI), PCCI president Enunina Mangio said that the East Asian country remains a key trading partner of the Philippines, with significant investments in infrastructure, electronics, and energy.

“As we move forward, the potential for further cooperation remains vast in many sectors, particularly in the fields of technology, renewable energy, agriculture, and innovation,” Mangi said in his speech during the Philippines-Korea Business Forum at the Manila Hotel.

“We believe that with this agreement, and with the unwavering support of the Korean Embassy in Manila, we can further unleash a wave of opportunities that will strengthen our friendship towards mutual prosperity,” she added.

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Under the MOU, both parties will focus on energy, defense, infrastructure, information and communication technology (ICT), agriculture, manufacturing, tourism, services, and the small and medium enterprise development.

Both also expressed commitment to coordinate towards a common action plan on shared economic and industrial concerns.

The two sides also pledged to support one another in organizing symposiums, seminars, conferences, and other means of trade promotion.

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Further, PCCI – the Philippines’ largest business organization – and the FKI committed to exchanging information on economic policies and business regulations.

According to the January 2024 data from the Philippine Statistic Authority, two-way trade in goods between Manila and Seoul reached around $12 billion in 2023, with exports from Philippines totaling $3.5 billion while imports from South Korea stood at $8.48 billion.