MANILA, Philippines — For the first time, the Philippines and South Korea have agreed to boost cooperation in the fisheries sector by promoting more trade and investments.
Agriculture Secretary William Dar and Korean Ministry of Oceans and Fisheries minister Seong-Hyeok Moon recently inked the first-ever memorandum of understanding on fisheries cooperation on the sidelines of the ASEAN-Republic of Korea Commemorative Summit this week.
The Philippine-Korea bilateral on fisheries is expected to boost the collaboration between the two countries for mutual benefits of its fishery sectors by enhancing cooperation in aquaculture and fisheries, and promoting fisheries trade and investment.
Under the cooperation, DA and MOF will pursue and promote scientific and technical, economic, and trade cooperation in fisheries and aquaculture.
The fisheries cooperation is a take-off to the first agriculture cooperation signed last year with the Ministry of Agriculture, Food and Rural Affairs (MAFRA) during the first official visit of President Duterte in Seoul.
DA has been continuously collaborating with MAFRA and agri-related agencies to develop new partnerships leading to projects that will bolster agricultural and rural development and facilitate market access of Philippine agricultural products.
“DA is serious in its commitment to engage and strengthen bilateral relations with South Korea being one of the leading food importers in the world, requiring almost $30 billion food imports,” Dar said.
“South Korea is one of the most lucrative markets for Philippine agri-fisheries products,” he said.
Korea is considered an emerging market for high-value seafood and fisheries exports.
Since 2016, exports of high value seafood and fisheries products to Korea is growing by an average 17 percent, generating $28 million in earnings for the Philippines last year.
Among the major Philippine fishery exports to Korea include tuna, abalone, sea cucumber, octopus, shrimps and prawns, seaweeds and carrageenan.