Korea-Philippines Business Forum... "Cooperation in Infrastructure, Defense Industry, and Minerals"

Jointly Hosted by Hankyung Association and Philippine Chamber
Over 300 Leaders and Businesspeople from Both Countries Attend

The Korea Economic Association (HanKyungHyup) announced that on the occasion of President Yoon Suk-yeol's state visit to the Philippines, it held the 'Korea-Philippines Business Forum' on the 7th (local time) at The Manila Hotel in Manila, Philippines, together with the Philippine Chamber of Commerce and Industry.

The forum was attended by about 300 businesspeople and government officials from both countries, including President Yoon and Philippine President Ferdinand Marcos. The Korean economic delegation included Ryu Jin, chairman of HanKyungHyup and chairman of Poongsan Group, Lee Jae-yong, chairman of Samsung Electronics, Cho Won-tae, chairman of Korean Air, Koo Ja-eun, chairman of LS Group, Kim Dong-kwan, vice chairman of Hanwha Aerospace, and Jung Ki-sun, vice chairman of HD Hyundai, representing major corporations.

Ryu Jin, Chairman of the Korea Economic Federation, is delivering a welcome speech at the Korea-Philippines Business Forum held at a hotel in Manila, Philippines, on the afternoon of the 7th (local time), attended by President Yoon Seok-yeol and Philippine President Ferdinand Marcos.
[Image source=Yonhap News]

HanKyungHyup also reported that various companies ranging from medium-sized enterprises to small and medium enterprises, including Korea Aerospace Industries (KAI) and Dohwa Engineering, which is conducting an urban railway project in the Philippines, participated. On the Philippine side, key business leaders including Unina Mangyo, chairman of the Philippine Chamber of Commerce, as well as high-ranking government officials such as Christina Roces, Minister of Trade and Industry of the Philippines, and Fredrick Go, Special Economic and Investment Advisor, were present.

At the forum, businesspeople from both countries shared opinions in separate sessions on three topics: cooperation in key industries between the two countries, energy cooperation, and cooperation on the Free Trade Agreement (FTA). Prior to the sessions, with Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and Minister Roces of the Department of Trade and Industry in attendance, companies and institutions from both countries signed a total of 13 Memorandums of Understanding (MOUs).

In his opening remarks, Chairman Ryu presented infrastructure, defense industry, and critical mineral supply chains as promising areas of economic cooperation between the two countries, stating that the activation of massive trade is expected once the FTA is implemented. Chairman Ryu said, "The Philippines, with its dynamic economy attracting global attention, and Korea, ranked among the world's top 10 economies, are the best partners in the business field," adding, "If the resource-rich Philippines and the manufacturing powerhouse Korea join hands, they will create a powerful win-win synergy."

This content was produced with the assistance of AI translation services.