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Korean contents companies to seek investment opportunities in the Philippines
- ASEAN-Korea Centre to dispatch an investment mission to Manila, Philippines (4-7 February) -
The ASEAN-Korea Centre (Secretary General Lee Hyuk) will dispatch an investment market research mission group to Manila, Philippines from 4 to 7 February 2020, as a follow-up program of the ASEAN-ROK Commemorative Summit held in last November in Busan. A Korean delegation composed of 18 companies from the animation, game, and webtoon sectors will △attend ‘Philippine-Korea Creative Industry Cooperation Forum’, △have 1:1 business meeting, and △visit major companies and associations to obtain the latest information on investment environment and policies of the Philippine contents industry.
At the ‘Philippine-Korea Creative Industry Cooperation Forum’ co-organized by the Department of Trade and Industry Philippines (DTI), approximately 70 major Philippines companies in the creative content sector along with government officials will introduce development policies of the local contents market and seek investment opportunities through 1:1 business meetings with the Korean delegation. In addition, an MOU will be signed between the Korea Animation Producers Association and the Animation Council of the Philippines, which would serve as an institutional base for collaborative measures in the animation sector.
Philippines has highlighted the importance of the contents industry through the Creative Economy Roadmap, and been fostering its development to emerge as a leading industry among ASEAN by 2030. Amid the limited opportunities for Korea to forge partnerships with the Chinese contents market due to China’s import restrictions, the Philippines’ fervent development policies for the contents industry are expected to allow Korean animation and game companies to entrench its network in ASEAN.
Lee Hyuk, Secretary General of the ASEAN-Korea Centre, said “Philippines is not only an attractive content import market with its high demand for ‘Korean Wave,’ but also a promising outsourcing partner for its immense technical manpower. I hope this mission contributes to solidifying the mutually-beneficial relationship between the contents industries of Korea and the Philippines.”
- Press Release file