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In the SoKor investment mission, PH receives four investment leads.

Following the recent investment mission of the Philippine Economic Zone Authority (PEZA) and Aboitiz InfraCapital in Seoul, at least four significant South Korean businesses have expressed interest in investing in the nation in the upcoming months.

These businesses are in the manufacturing and electric car sectors, PEZA officer-in-charge Deputy Director General for Finance and Administration Aleem Siddiqui Guiapal told the Philippine News Agency in a Viber message on Wednesday.

In terms of future joint ventures on waste management with South Korea, he added, “We are optimistic that PEZA has at least four significant firms of (investment) lead(s) of new locators.”

Guiapal, also in charge of managing PEZA’s Promotions and Public Relations Group, noted that South Korean businesses still need to decide how much they might invest in this country.

The Philippine-Korean Investment Forum was held on October 19 as part of the government’s five-day outbound investment mission to the East Asian nation. It was organized by PEZA, Aboitiz InfraCapital, the Department of Trade and Industry (DTI), the Board of Investments (BOI), and the Philippine Trade and Investment Center (PTIC)-Seoul.

This is in reaction to President (Ferdinand) Bongbong Marcos’s appeal for an increase in foreign direct investment (foreign direct investments). More investment translates into more jobs for Filipinos. Additionally, increased employment improves the standard of living for our citizens (fellow Filipinos). This is the main goal of the investment forum, according to Guiapal.

251 South Korean businesses with a combined investment of PHP89.86 billion were registered with PEZA as of June 2022.

As of August 2022, these South Korean businesses employed 44,359 people and brought in USD 1.1 billion in export earnings.

Before the year is up, the administration hopes to carry out outbound investment missions in the US and Japan, Guiapal continued.

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