Noy wants trade relations with South Korea strengthened

MANILA, Philippines - The Philippines wants to further strengthen its trade relations with South Korea, which has been supporting its infrastructure and military upgrade projects.

President Aquino expressed Manila’s desire to boost its economic ties with Seoul during a meeting with South Korean President Park Geun-hye on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit yesterday.

“The Philippines is keen on increasing bilateral trade, encouraging Korean companies to invest in shipbuilding, automotive manufacturing, food production, food processing and agribusiness, electronics, renewable energy, finance and banking, infrastructure and PPP (public-private partnership projects),” Presidential Communications Operations Office Secretary Herminio Coloma Jr. quoted Aquino as saying.

Coloma said Aquino also thanked the South Korean government for supporting projects like the Jalaur Multipurpose Project, Laguindingan Airport air navigation system and support facilities, Samar Pacific coastal road project and the Puerto Princesa airport development project.

Park, for her part, noted the partnership between the two countries enabled the Philippines to become the fourth largest shipbuilding country.

“This is a good reference and take off point for expanded trade, investment and economic cooperation,” Park was quoted by Coloma as saying.

The trade volume between the Philippines and South Korea hit $7.89 billion in 2013.

South Korea also emerged as the country’s sixth largest export market and fifth import supplier that year.

Park called for greater bilateral cooperation in the fields of medicine, medical technology, tele-medicine, public health, transportation and infrastructure development.

“She (Park) said South Korea is also keen on improving social security program involving citizens of both countries,” Coloma said.

Aquino also cited what he described as the “robust logistics cooperation” between the two countries as manifested by the Philippines’ acquisition of defense equipment like the 12 FA-50 lead-in fighter trainer jets from the Korea Aerospace Industries.