S. Korean Investments Pouring In
Philippine President Rodrigo Duterte and Republic of Korea President Moon Jae-in attended the 2019 Association of Southeast Asian Nations-Republic of Korea (ASEAN-ROK) Commemorative Summit and deliver good news on the business front for both countries.
Duterte and Moon both vowed to elevate the level of their countries’ relations to strategic partnership by 2020, allowing the two nations to engage in greater cooperation to achieve common prosperity.
The two governments agreed on mutual social security for their citizens benefitting tens of thousands overseas Filipinos and S. Koreans; cooperation between the Philippines’ Department of Tourism and the Republic of Korea’s Ministry of Culture, Sports and Tourism; advancements on the Philippines-Korea free trade agreement; and other developments on the cooperation in the fields of education and fisheries. President Duterte also gave thanks to President Moon for the ROK’s $100,000 donation for the earthquake victims in Mindanao.
“Clearly, at no other time in our shared history have the bonds between our people this strong,” President Duterte said in thanking the South Korean leader during their bilateral meeting here.
In 2018, South Korea was the Philippines’ fourth largest trading partner, with total trade amounting to over $13 billion. It was also a valued source of foreign direct investments, ranking 13th in the same year.
The Philippines and South Korea celebrate this year 70 years of bilateral relations.
