President Duterte nets $4.8-billion investments from Korea - Our Daily Revelations PH

728x90 AdSpace

President Duterte nets $4.8-billion investments from Korea


Photo credit to Philstar
The Department of Trade and Industry (DTI) incumbent Secretary Ramon Lopez revealed on Tuesday, June 5th, a total of 23 agreements was inked by the Philippines from South Korea worth $4.858 Billion of investments that could provide 58,000 for Filipinos, in a televised press briefing from Seoul.
President Rodrigo Duterte took home the investment agreements from his 3 – day visit to South Korea including one with Hyundai Motor Co, that submitted a letter of intent to review future plans of establishing a Vehicle Assembly Facility.

In a statement, Lopez said, “They all know that with an enlarging population and a growing middle class, there’s a lot of opportunity in construction, infrastructure, consumer goods, retailing.”


Photo credit to YouTube
Photo credit to Philippine star
Seoul have also pledged $1 Billion from its Official Development Assistance (ODA) intended to boost the country’s infrastructure projects aside from the almost $5 Billion investment agreement, according to President Spokesman Harry Roque. This should be made available for use until 2022, twice the amount that the Philippines has borrowed from South Korea from 2011 – 2013.
Lopez also said that an agreement was made during a bilateral meeting between both countries to revive and strengthen the Joint Commission on Trade and Economic Cooperation and enhance a preferred trading agreement.

“This is with respect to improving the market access of our agriculture products to Korea,” Lopez said.

Both countries are looking forward to further strengthening the ASEAN – Korea Free Trade Agreement along with other areas that need cooperation.           

“There are still products that we wish to improve market access on, in particular we are referring to products like banana, pineapple, mangoes, coconut products that we intend to improve market access on,” Lopez added.

As also mentioned, there are 4 Bilateral Agreements that were to be signed by both Philippines and South Korea, namely:

*A Memorandum of Understanding (MOU) between the Department of Transportation (DOTr) and South Korea's Ministry of Land, Industry and Transport.


Photo credit to CNN Philippines
*A Memorandum of Understanding focusing on Scientific and Technological Cooperation between the Department of Science and Technology and South Korea's Ministry of Science, ICT and Future Planning.

*A loan agreement intended for the New Cebu International Container Port project between the Department of Finance (DOF) and Export-Import Bank of Korea.

*A Memorandum of Understanding between the Department of Trade and Industry (DTI) and South Korea's Ministry of Trade, Industry and Energy on trade and economic. 

***

The images on this blog are copyright of its respectful owners. Photographs are for illustration purposes only, we do not possess the photos and no copyright encroachment is expected. So, if the photos showing up on this blog belong to you and does not wish for it to appear on this site, please send us an email with the link of the image and it will be instantly removed from the page.


President Duterte nets $4.8-billion investments from Korea Reviewed by Unknown on June 06, 2018 Rating: 5 Photo credit to Philstar The Department of Trade and Industry (DTI) incumbent Secretary Ramon Lopez revealed on Tuesday, June 5th, a t...

No comments: