South Korean and Philippine businesses will expand cooperation in shipbuilding, defense, and minerals.
The Korea Enterprises Federation announced on June 4 that business leaders from both countries discussed key collaborative projects at the Korea-Philippines Business Forum held in Manila. The event was organized on the occasion of President Lee Jae-myung's state visit to the Philippines.
Specifically, HD Hyundai plans to gradually transfer shipbuilding technologies to the Philippines and expand local production. HD Hyundai operates the Subic shipyard in the Philippines. LX International shared its experience in rehabilitating abandoned mines in the Philippines and announced plans to expand related businesses. Lotte Chilsung Beverage unveiled plans to enhance local manufacturing capabilities and utilize the Philippines as a regional export hub.
"The Philippines has strategic advantages including excellent human resources and its position as a supply chain hub within ASEAN, while Korea has competitiveness in semiconductors and advanced manufacturing capabilities," said Ryu Jin, chairman of the Korea Enterprises Federation. "If the two countries strengthen cooperation, they can not only advance their manufacturing industries but also emerge as a key axis in global supply chains."