Korean Businessmen Target Philippines For Business Expansions

According to the Department of Trade and Industry, Korean businessmen indicate interest to invest and expand their businesses in the Philippines.

On Friday (December 09, 2016), Trade and Industry Secretary Ramon Lopez said that Korean companies such as Kepco, Hyundai, and Samsung show interests to invest in Philippine businesses. Lopez said in a text message that Korean businessmen looking towards expanding their businesses in the country.

President Duterte’s administration wants to open the country for more businesses. So the president wanted to improve the economic status of the Philippines regarding this matter. The infrastructure project developments and tax reform initiatives will be imposed by the president.

Lopez also explained that the delegates of the country were able to emphasize the “trade and industry policy directions and the 0+10 socio-economic agenda of Duterte’s administration. Due to this reason, it triggers the businessmen’s interest of possible investment in the country.

“(The Korean companies) expressed interest in investing or expanding their operations in the Philippines, expressing confidence in the political will of the Duterte leadership in bringing back peace and security, discipline, infrastructure and human capital development, developing innovative and inclusive industries and MSMEs, that will build and protect investments in the Philippines, said by Ramon Lope.

It happens during the event in ASEAN-Korea Center, more than 200 people from major Korean companies have participated the event. The data presented by Bangko Sentral ng Pilipinas (BSP) shows the total imports of Philippines to Korea has a total amount of USD295.3 billion as of the end of September 2016.

Duterte announced that the Philippines is opening its doors to foreign businesses. The announcement came after Duterte announced that the Philippines is cutting its ties with its former Colonial ruler and longtime ally “United States.”