Every passing day the world is becoming a smaller place. Business and trade are large contributors to it. There are many businessmen staying in a different country because they have more opportunities. South Korean businessmen in the Philippines have asked other businessmen in South Korea to invest in their country’s growth. They feel that China and Japan are putting them behind. These two Asian countries are South Korea’s biggest business rivals.
These businessmen have also suggested their government to grant visa-free tourist entry so that it boosts tourism and strengthens relationships. Ho Ik Lee, president of Korean Chamber of Commerce of the Philippines, said that he hopes for more investors to invest in South Korea and the Philippines. The Filipino economy is expanding at a high speed and it would be a right time to strengthen ties with them.
He said that the Philippines have good advantages of skilled labor and productivity. Duterte, President of the Philippines said that he wants more investors to invest in the Philippines. He feels these investors will mostly invest in food production and processing, manufacturing, electronics, agribusiness, automotive, and energy. He had an at length talk about this with Moon Jae-in, President of South Korea at the ASEAN Summit a week ago.
Huge investments from the South Korean government
South Korea has committed to invest $1.7 billion through its Export-Import Bank of Korea for a credit facility. It will help the Filipino government to securely implement its priority policies for its people. Korean Chamber of Commerce of the Philippines is going to donate P1 million as well. This money will go to rehabilitate people of the war torn Marawi City in Mindanao.
South Korea has one positive step towards visa-free travel. The government is letting Filipinos to travel visa-free during the Winter Olympics 2018. South Korea is going to host it for the very first time.