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Korean investors eye infrastructure opportunities in the Philippines

PRESS RELEASE
No.PR/19-02Date2019.01.17 (Thu)
ContactProgram Inquiries: Kim Su-jung, Senior Officer, TIU (+82-2-2287-1192, sjkim@aseankorea.org)
Press Inquiries: Bang Gee-hyun, Assistant PR Officer, IDU (+82-2-2287-1173, ghbang@aseankorea.org)
ASEAN-Korea Centre is an International Organization mandated to promote economic and socio-cultural cooperation between ASEAN Member States and Korea.


Korean investors eye infrastructure opportunities in the Philippines

- Korean investors eye infrastructure opportunities in the Philippines -


Manila, the Philippines – The ASEAN-Korea Centre (Secretary General Lee Hyuk), together with the Department of Trade and Industry (DTI) of the Philippines and the Contractors’ Association of Korea (CAK), will dispatch an investment and market research mission to Manila, Philippines from 22 to 23 January 2019. The Mission, composed of 19 representatives from 14 Korean infrastructure companies including Hyundai E&C, Lotte E&C and Hanwha E&C, will participate in the ‘Philippine-Korea Investment Promotion Seminar’ to gain the most up-to-date information on the Philippine’s investment opportunities. In addition, they will visit key local players such as Ayala Corporation and San Miguel Corporation to build the business networks for collaborations.


On 23 January, the ‘Philippine-Korea Investment Promotion Seminar’ will be held at the headquarter of the Philippine Board of Investments (BOI) in Manila. In the opening ceremony, Lee Hyuk, Secretary General of the ASEAN-Korea Centre, Rowel S. Barba, Undersecretary of the DTI and Raul S. Hernandez Philippine Ambassador to ROK will deliver remarks. The Philippines’ infrastructure experts from both the private and public sector will give presentations on the topics of ‘Business Climate and Investment Opportunities in the Philippines for Infrastructure Industry (BOI)’;’Legal Framework for Foreigners in the Philippines Infrastructure Industry (Construction Industry Authority of the Philippines: CIAP)’; ‘Overview and Opportunities in the Philippines Infrastructure and Construction Industry (‘Build, Build, Build’ Committee)’; ‘Current Development Project (Private sector from the Philippines). The presentation session will be followed by one-on-one business meeting to build the network and explore business opportunities with their local counterparts.


Prior to the Seminar, the Mission will visit major Philippine conglomerates, Ayala Corporation and San Miguel Corporation on 22 January to seek business opportunities in the Philippines. Ayala Corporation is the oldest company in the Philippines established in 1834. The company has been participating in various Public-Private Partnership projects through its infrastructure arm called ‘AC Infra.’ San Miguel Corporation is the biggest company in the Philippines which expanded and diversified its business from a single brewery to fuel, power, and infrastructure.


Lee Hyuk, Secretary-General of the ASEAN-Korea Centre noted that, “As one of the fast-growing economies in ASEAN with an average annual growth rate above 6% in 5 years in a row, the Philippines has seen the soaring demand in the infrastructure due to the increasing population and rapid urbanization. Philippine President Rodrigo Duterte rolled out the “Build, Build, Build” program to inject substantial funds and attract foreign investment into the country’s infrastructure development. Against this backdrop, I hope the Mission makes the most of their opportunities to take part in the ‘golden age of infrastructure’ in the Philippines.”



[Attachments]

- Press Release file

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