Hankyung Association 'Han-Philippine Business Forum'
Ryu Jin Emphasizes "Infrastructure and Defense Industry Cooperation Between the Two Countries"
Hanwha's Kim Dong-gwan and HD Hyundai's Jeong Gi-seon Also Attend
On the occasion of President Yoon Suk-yeol's state visit to the Philippines, the 'Korea-Philippines Business Forum' was held in Manila on the 7th.
Co-hosted by the Korea Economic Association and the Philippine Chamber of Commerce and Industry (PCCI), the forum was attended by over 300 key business leaders and government officials from both countries to discuss economic cooperation measures.
On the 7th, Ryu Jin, Chairman of the Korea Economic Association, delivered the opening address at the Korea-Philippines Business Forum held in Manila, Philippines. [Photo by Korea Economic Association]
The Korean economic delegation included Ryu Jin, Chairman of the Korea Economic Association; Lee Jae-yong, Chairman of Samsung Electronics; Cho Won-tae, Chairman of Korean Air; Koo Ja-eun, Chairman of LS Group; Kim Dong-kwan, Vice Chairman of Hanwha Aerospace; and Jung Ki-sun, Vice Chairman of HD Hyundai, along with representatives from large corporations and mid-sized companies such as Dohwa Engineering. On the Philippine side, key participants included Philippine President Ferdinand Marcos Jr., Unina Mangyo, Chairwoman of the Philippine Chamber of Commerce, Jaime Alfonso Zobel de Ayala, CEO of AC Mobility, Lance Gokongwei, Chairman of JG Summit Holdings, and Ramon Ang, Chairman of San Miguel Corporation.
In his opening remarks, Chairman Ryu emphasized the importance of bilateral cooperation in infrastructure and defense sectors. He stated, "The Philippines, with its dynamic economy attracting global attention, and Korea, ranked among the world's top 10 economies, are the best partners in the business field," adding, "When the resource-rich Philippines and the manufacturing powerhouse Korea join hands, they will create a powerful win-win synergy." The Philippines has recorded high economic growth rates among ASEAN member countries, and cooperation in resource supply chains such as nickel is also anticipated.
Samsung Electronics Chairman Lee Jae-yong is attending and listening to a presentation at the Korea-Philippines Business Forum held at a hotel in Manila, Philippines, on the 7th. [Image source=Yonhap News]
During the forum, 13 Memorandums of Understanding (MOUs) were signed. Samsung C&T began cooperation with San Miguel on airport construction, Korean Air signed an agreement on aircraft maintenance technology exchange with Cebu Air, and Doosan Enerbility established cooperation with Manila Electric Company on gas turbines.
During this visit, Lee Jae-yong, who came to the Philippines, visited the local Samsung Electro-Mechanics production plant to inspect the MLCC factory and emphasized future industrial opportunities within the Philippines. Hanwha Aerospace is reviewing cooperation plans to strengthen the Philippine defense capabilities, including naval ship modifications and submarine acquisition. HD Hyundai recently established an offshore wind power manufacturing base in the Philippines and plans to commence full-scale production starting next year.
Participants from both countries also discussed the Korea-Philippines Free Trade Agreement (FTA). Hyundai Motor Company and the Korea Agricultural Machinery Cooperative participated as panelists, discussing the agricultural machinery and automobile industries, which are expected to expand in market size once the Korea-Philippines FTA is enacted.
At the Korea-Philippines Business Forum held in Manila, Philippines on the 7th, from left, Christina Roque, Minister of the Philippine Department of Trade and Industry (DTI), Unina Mangyo, President of the Philippine Chamber of Commerce and Industry (PCCI), Kim Chang-beom, Vice Chairman of the Korea Economic Association, and Choi Sang-mok, Deputy Prime Minister of the Republic of Korea, are posing for a commemorative photo. [Photo by Hankyung]
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