South korea firms urged to invest ahead of FTA

MANILA, Philippines — The Philippine government is urging South Korean firms to consider investment opportunities in the country and take advantage of a free trade agreement (FTA) between the two countries targeted to be signed next year.

In a statement, the Philippine Economic Zone Authority (PEZA) said it recently held its Global Biz forum to encourage South Korean firms to invest in the country.

Ambassador to South Korea Maria Theresa Dizon-de Vega said the government is inviting South Korean firms to participate in the country’s growth story and take advantage of the FTA expected to be finalized by next year.

“We hope that businesses present here today will take advantage of the (Philippine-Korea Free Trade Agreement) once it becomes effective by next year so we can increase trade between our two countries. With an FTA in place, the Philippines remains as an ideal investment destination and partner for companies in Korea,” she said.

She said Korea’s status as a high-technology, innovation-focused economy makes it an attractive partner for the Philippines.

Philippine Trade Investment Center-Seoul commercial counselor Jose Ma. Dinsay also encouraged potential investors to take advantage of the time ahead of the effectivity of the bilateral trade agreement so they can immediately benefit from all the features that the FTA can offer.

Last October, Trade Secretary Ramon Lopez and the Republic of Korea’s Minister for Trade Yeo Han-Koo announced the conclusion of negotiations for the FTA.

Lopez said the aim is to have the FTA signed before February next year.

“When the FTA takes effect, a framework for future-oriented collaboration will be created not only to promote trade and investment between our two countries, but also to tackle the spread of infectious disease and climate change together,” South Korean Ambassador to the Philippines Kim In-Chul said.

PEZA director general Charito Plaza also called on South Korean firms to invest in the country to help in the country’s economic recovery.

There are 320 South Korean firms registered with the PEZA, contributing P53.982 billion worth of investments.

The firms account for $1.095 billion worth of exports and employ 42,675 workers as of September.