In photo: Department of Trade and Industry (DTI) Secretary Cristina A. Roque during her speech at the Philippines-Korea Business Forum

Manila City, Philippines—The Philippines is ready for Korean investments in sustainable industries, according to Department of Trade and Industry (DTI) Secretary Cristina A. Roque at the Philippines-Korea Business Forum.

“The Philippines, as one of Southeast Asia’s most dynamic economies, is ripe with opportunities for Korean businesses. We are surging ahead on the strength of investment, domestic consumption, and a strategic focus on developing key industries,” said Secretary Roque.

In line with the vision of President Ferdinand R. Marcos Jr., the country is poised to become a regional hub for smart and sustainable manufacturing and services by leveraging its strengths in semiconductor manufacturing, strategic location, green metal resources, and skilled workforce.

“The DTI is focused on attracting responsible investments in key sectors, particularly those that align with our sustainability goals. These include renewable energy, energy storage systems, data centers, telecommunications infrastructure, green metals processing, high-tech agriculture, electric vehicles, smart light manufacturing, and semiconductors,” the trade chief added.

In photo: DTI Secretary Cristina A. Roque witnessed the memorandum of understanding signed between the Bases Conversion and Development Authority (BCDA) and Korea-based RMS Platform

The Philippines is set to strengthen its economic partnership with South Korea through the full implementation the Philippines-Korea Free Trade Agreement (FTA). With this agreement, Korean enterprises will gain access to a vast consumer market of over 120 million Filipinos.

Furthermore, the country’s strategic location serves as a gateway to the broader Association of Southeast Asian Nations region and the Regional Comprehensive Economic Partnership economies. This presents Korean businesses with export potential to approximately 30% of the global population.

In 2023, Korea ranked as the Philippines’ 5th largest trading partner, with bilateral trade valued at USD 12.02 billion. While this reflects a robust partnership, the DTI has identified a significant growth potential in sectors such as machinery, electronics, seafood, and green metals. By leveraging these untapped opportunities, additional export opportunities to Korea are valued at USD 2.40 billion.

In photo: DTI Secretary Cristina A. Roque during her speech at the Philippines-Korea Business Forum

“The Philippines is open for business. I invite you to partner with us and be part of our exciting journey towards a more prosperous and sustainable future. Let us seize this moment and transform our potential into reality,” Secretary Roque said as she urged the private sector to support the country’s push for a green and circular economy.

The forum, co-organized by the Philippine Chamber of Commerce and Industry and the Federation of Korean Industries, celebrates the 75th anniversary of formal diplomatic relations between the two nations. The partnership has fostered mutually beneficial ties across various sectors, driving progress and prosperity for both countries. ♦

Date of release: 19 October 2024

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