Korea signs consumer goods export deals worth $16 mil. with Philippines
Korean President Lee Jae Myung speaks during a business forum between Korea and the Philippines in Manila, Wednesday (local time). Yonhap
Korean companies signed a combined $16 million worth of deals to export consumer goods to the Philippines, the industry ministry said Wednesday.
The deals were signed between 52 Korean firms and 70 Filipino buyers during the Korea-Philippines business partnership event held during President Lee Jae Myung's state visit to Manila, according to the Ministry of Trade, Industry and Resources.
During a bilateral business forum held separately before the event, seven memorandums of understanding (MOUs) were signed between the two countries to bolster their cooperation in shipbuilding, nuclear power, consumer goods and other sectors.
The initial agreements include a trilateral MOU among the Korea Hydro & Nuclear Power (KHNP), the Export-Import Bank of Korea and the Philippines' electric power company Meralco to join hands to establish a new business model and develop talent for nuclear power projects.
They also include an MOU between Korea's HD Hyundai Heavy Industries and the Philippines' Technical Education and Skills Development Authority on cooperation for shipbuilding technology developments, and an agreement between Korean instant noodle maker Samyang Foods and Filipino retailer S&R for cooperation in food exports.
"As the popularity of Korean beauty and food products is rapidly expanding, the government will work closely with relevant ministries and related agencies to actively support Korean companies entering the Southeast Asian market, including the Philippines, which serves as a strategic hub for the region and can create diverse business opportunities," Industry Minister Kim Jung-kwan said in a press release.