Sun.Star Davao

Nearly $5-B investment­s SEEN FROM KOREAN fiRMS

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MANILA - Twentythre­e South Korean companies have expressed interest to invest almost $5 billion in new projects that could create 50,000 jobs in the Philippine­s.

Trade Secretary Ramon Lopez said the Philippine­s is expected to secure at least 23 business-tobusiness deals with South Korea during President Rodrigo Duterte's meeting with the business community in Seoul, Korea on Tuesday afternoon, June 5.

The business agreements that would be signed were on top of the five government-togovernme­nt deals signed on Monday, June 4, Lopez said.

"There will be a signing of business agreements. This would be the 23 business-to-business agreements, with an estimated total value of $4.8 billion, generating new jobs of 50,000," the Trade Secretary said in an interview in Seoul.

Duterte is set to attend a forum hosted by Korean business community, which will be attended by around 400 business delegates from the Philippine­s and South Korea.

Lopez noted that one of the South Korean firms sought to expand its kimchi production in the Philippine­s by engaging local farmers from Benguet in its operations.

He added that the other company planning to invest in the Philippine­s wanted to increase engineerin­g and constructi­on cooperatio­n in the Duterte government to support its "Build, Build, Build" infrastruc­ture program.

"They intend to expand operation amounting to $200 million, which is expected to generate more or less 2,000 jobs," Lopez said.

Another business pledge with a contract value of around $900 million is for the constructi­on of a 600-megawatt power plant in Masinloc, Zambales, Lopez said.

Lopez also took note of a South Korean company's intent to expand the developmen­t of a power generation project in Quezon.

He added that Hyngai group, a South Korean multinatio­nal automotive manufactur­er, was also "seriously" mulling building a facility in the Philippine­s for the production of passenger and commercial vehicles.

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