FLOURISHING BIZ TIES. PCCI president Enunina Mangio (left) and Federation of Korean Industries chairman Jin Roy Ryu sign a memorandum of understanding (MOU) during the Philippines-South Korea Business Forum at The Manila Hotel on Monday (Oct. 7, 2024). Aside from this MOU, 12 other business deals were signed as part of the visit of Korean President Yoon Suk Yeol. (Photo courtesy of PCCI)
MANILA – A total of 13 business deals were signed between Manila and Seoul during the visit of South Korean President Yoon Suk Yeol here.
According to South Korea’s Ministry of Trade, Industry, and Energy, the deals were signed as part of the Philippines-Korea Business Forum at The Manila Hotel.
Three memoranda of understanding (MOU) were signed on 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 the collaboration on combined cycle/gas turbine projects in the country; and
--Doosan Enerbility and Quezon Power Philippines Ltd. Co. for the 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;
--collaboration between RMS Platform and Bases Conversion and Development Authority (BCDA) to promote smart city projects inside the latter’s properties;
--partnership between RMS Platform and Bacoor City to explore smart city projects in the local government; and
--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 of know-how on maintenance, repair, and overhaul as well as cooperation 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 also signed a cooperation to promote joint development and distribution of agricultural machinery, and support for the establishment of an industrial complex in Cabanatuan City.
In distribution sector, Wannabe Cosmetic inked deal with Lipstick Please Marketing Corp. for the distribution agreement for Korean beauty brand Orgena in the Philippines, as well as an agency agreement for the sale of Unibis products in the Philippines and supplying these products to local hotels.
Lastly, the MOU between the Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Korean Industries (FKI) to facilitate the expansion of bilateral economic relations between the two countries.
“Korea remains a key trading partner of the Philippines, with significant investments in infrastructure, electronics, and energy,” 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.” (PNA)
