SEOUL, 26 July 2017- The Undersecretary of the Department of Trade Industry Nora Terrado successfully spearheaded an Investment Promotion Mission along with high-level officials of seven Philippine Investment Promotion Agencies (IPAs) to the Republic of Korea on 18-21 July 2017.

The IPAs represented during the mission were the Subic Bay Metropolitan Authority, Clark Development Corporation, Bases Conversion and Development Authority, Mindanao Development Authority, Authority of the Freeport of Bataan, Board of Investments and the Zamboanga City Special Economic Zone Authority.

The primary thrust of the mission was on promoting investments in the Philippines' economic zones, as well as in the manufacturing and infrastructure sectors. With the Philippines enjoying one of the highest GDP growth rates in Asia at 6.8%, a current boom in infrastructure development, and a large population of 100 million which offers a large consumer market as well as large young labor pool, Korean companies are eagerly seeking investment opportunities in the Philippines.

At the Investment Promotion Conference on 20 July 2017 at the Korea Chamber of Commerce and Industry (KCCI) headquarters in Seoul, Philippine Ambassador to Korea Raul S. Hernandez noted in his remarks that in view of the avid interest of Korean companies in the Philippines given its vibrant economy and potential as a prime investment destination, the Department of Trade and Industry and PH Investment Promotion Agencies decided to conduct an investment mission to the Republic of Korea. Ambassador Hernandez invited Korean companies to take advantage of the exciting investment opportunities in the Philippines and expressed elation at the high turnout and keen interest shown by Korean companies during the Conference. More than 100 Korean companies attended the event and participated in the business to business meetings with Philippine IPAs.

Following the conference, DTI Undersecretary Nora Terrado and her delegation participated in a round-table meeting organized by Commercial Counsellor Emmanuel Ang of the Philippine Trade and Investment Center (PTIC) with the International Contractors Association of Korea (ICAK). The event provided a valuable opportunity to promote the Philippines as a prime investment destination which is experiencing a "golden age of infrastructure". During the meeting, the ICAK was invited to send a business delegation to the Philippines.

DTI Undersecretary Nora Terrado and representatives of the IPAs also met with ASEAN Korea Centre Secretary General Kim Young-Sun, officials of the Incheon Free Economic Zone, Gyeonggi Creative Economic Innovation Center, and various Korean companies and organizations involved in promoting business with the Philippines. Media interviews were also held.

Throughout all these activities, the Philippine delegation conveyed the message that the Philippines has a vibrant and prosperous economy as well as a highly skilled and young labor force. The Philippine delegation also highlighted the growing number of Korean companies who already have an established presence in the Philippines in various industries, such as food and agribusiness, electronics and semiconductors, shipbuilding, real estate and tourism, banking and finance, auto parts and light manufacturing, etc.

Undersecretary Terrado further underscored that the Philippine and Korean people share a bond that goes beyond mere business. This bond was forged in blood in past wars, and in shared efforts to rebuild each other's countries and provide a more prosperous life for our citizens. This cooperation continues today, as the Philippines welcomes Korean companies to be part of the Philippine government's aim to "build, build, build" infrastructure, and the Philippines' march towards greater prosperity.

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