Visiting South Korean President Yoon Suk Yeol oversaw the signing of 13 business deals, signaling the growing ties between Manila and Seoul.
South Korea's Ministry of Trade, Industry, and Energy said the deals were signed at The Manila Hotel as part of the Philippines-Korea Business Forum.
"Korea remains a key trading partner of the Philippines, with significant investments in infrastructure, electronics, and energy," Philippine Chamber of Commerce and Industry (PCCI) president Enunina Mangio said. "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."
Three memoranda of understanding (MOU) were signed on the energy sector, which include the following:
- Samsung C&T Corp. and Manila Electric Company (Meralco) for information sharing and cooperation on potential projects related to nuclear technology, design, and regulation.
- Doosan Enerbility and Meralco for collaboration on combined cycle/gas turbine projects in the country.
- Doosan Enerbility and Quezon Power Philippines Ltd. Co. for cooperation on a gas combined cycle power generation project in Quezon Province.
Four MOUs under construction and infrastructure were signed, including the following:
- Cooperation between Samsung C&T and San Miguel Corp. on information exchange for infrastructure and public-private partnership (PPP) projects in the Philippines.
- A collaboration between RMS Platform and Bases Conversion and Development Authority (BCDA) to promote smart city projects inside the latter's properties.
- A partnership between RMS Platform and Bacoor City to explore smart city projects in the local government.
- Tie-up of Dohwa Engineering and JADPhil to strengthen the pool of local engineers.
For the aerospace industry, Korean Air and Cebu Air, Inc. — the operator of Cebu Pacific — inked an MOU on sharing know-how on maintenance, repair, and overhaul and cooperating on aircraft and engine maintenance technologies.
South Korea's defense modeling and simulation expert Ares Corp. also signed a deal with Nextwave Service to import Korean equipment as part of the country's military modernization program.
The Korea Agricultural Machinery Cooperative and the Department of Agriculture signed a cooperation agreement to promote the joint development and distribution of agricultural machinery and support the establishment of an industrial complex in Cabanatuan City.
In the distribution sector, Wannabe Cosmetic inked a deal with Lipstick Please Marketing Corp. for the distribution agreement for the Korean beauty brand Orgena in the Philippines. The agreement also includes an agency agreement for the sale of Unibis products in the Philippines and the supply of these products to local hotels.
Lastly, the MOU between the PCCI and the Federation of Korean Industries (FKI) facilitates the expansion of bilateral economic relations between the two countries.
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