‘Team Korea to the Philippines’ consortium launched
The Bases Conversion and Development Authority (BCDA) on Monday said that a Korean government agency has formed a consortium consisting of 23 public institutions and private firms to support companies from Asia’s fourth largest economy looking to enter the Philippines.
The BCDA said that the National Agency for Administrative City Construction (NAACC), a government institution under South Korea’s Ministry of Land, Infrastructure and Transport, announced the consortium “Team Korea to the Philippines” last Jan. 23.
“This initiative, Team Korea, provides us with a platform that closes the gap between our countries and allows for more seamless business interactions,” BCDA president and chief executive officer Joshua Bingcang said in a statement.
“We are confident that with team Korea, we will be able to strengthen our alliance with partners who can help us transform the whole of Clark into Asia’s next investment and tourism destination,” he added.
The BCDA added that the state agency was leveraging its expertise in the administrative city Sejong development and international networks to provide the necessary support.
Developing market
For their part, NAACC Administrator Kim Hyeong-ryeol said they intend to actively support Korean companies in their global ventures, mentioning specifically the Philippine as a “rapidly developing market.”
He said this was possible through sharing the successful experience and technology accumulated through the construction of Korea’s Administrative City Sejong.
The NAACC also said that there are plans to hold regular meetings with BCDA and participating companies to explore detailed collaborative projects and secure tangible outcomes.
These include contract awards and joint urban development initiatives.
In September last year, the BCDA signed a memorandum of agreement with the NAACC to promote knowledge sharing and explore collaboration opportunities in developing the New Clark City in Tarlac.
It said that they will focus particularly on urban planning, smart cities development, green energy and smart administrative systems for the 9,450-hectare economic hub.
