South Korean business delegation exploring opportunities in Clark freeport, New City

A SOUTH Korean business delegation is in the Philippines to explore opportunities arising from the government’s infrastructurebuilding program, including potential projects in New Clark City in Central Luzon, off icials said.

South Korean Ambassador to the Philippines Han Dong-man said the delegation considers Tarlac’s New Clark City, which is being positioned as a government and business center, as a potential entry point for participating in the infrastructure program. It visited Clark Freeport Zone and New Clark City on Monday.

Mr. Han said South Korean investment in Southeast Asia is currently focused on Vietnam, Indonesia and the Philippines, under the “New Southern Policy.”

“President Moon Jae- in… made it clear that the southern policy emphasizes infrastructure projects, especially in transport, energy, water management and ICT ( information and communication technology),” he added.

“I think there are many areas of cooperation between South Korea and the Philippines,” he added.

Mr. Moon in November expressed his intention to refocus on Southeast Asia, given South Korea’s status as a potential partner for the regional bloc under the Regional Comprehensive Economic Partnership scheme.

So far, Mr. Moon has visited Indonesia in a bid to diversify South Korea’s trading links.

Philippine Ambassador to South Korea Raul S. Hernandez said that aside from the infrastructure and energy investments the Philippines will be expecting from South Korea, the government has set a target to increase trade.

“As far as investments are concerned, Korea is 7th largest investor in the Philippines. We want that, of course, to increase that’s why we have a lot of outbound missions, [ and] inbound missions from South Korea,” he added.

“[ This is] to make sure that the people and companies know exactly the opportunities in the Philippines, where they can make money especially during this period of the Duterte administration with the ‘Build Build Build’ program.”

The infrastructure program hopes to spend around P8 trillion to P9 trillion until 2022, covering 70 big-ticket projects.

Other companies in the delegation engaged in manufacturing are also looking for local partners. —