MANILA – Korean firms are urged to partner with the Philippine government for the infrastructure projects under Build Better More Program.
In a statement Wednesday, the Korean Embassy here said Korean construction and engineering companies can be reliable partners for the Philippine government in developing infrastructure and energy projects, which are crucial to the country’s economic growth.
To explore the opportunities in the infrastructure sector, the Korean Embassy in Manila has partnered with the Korea Trade-Investment Promotion Agency (KOTRA) in holding the “Korea-Philippine Infrastructure and Plant Forum” in Taguig City on Oct. 12.
The forum will be attended by Public Works and Highways Secretary Manuel Bonoan, Transportation Secretary Jaime Bautista, Korean Ambassador to the Philippines Lee Sang-hwa, and KOTRA Manila Director General Lee Sujung.
Some 60 Filipino companies and 34 Korean firms specializing in construction and engineering are also expected to attend the forum, which will give them the opportunity to find business partners.
The sectors that the Korean companies want to explore include waste treatment; water treatment; renewables, particularly solar, wind and hydrogen; carbon capture, utilization and storage; power equipment; railways; roads; bridges; ports; and airports.
Lee said the Korean government has increased its Economic Development Cooperation Fund loan limit from USD1 billion to USD3 billion, which can be tapped for the development of the Philippines infrastructure projects.
He said infrastructure development is one of the keys to continuing economic growth.
“Korea is ready to be a steadfast partner in this journey of the Philippines,” the envoy said.
“In our infrastructure building, the government and businesses worked under a ‘One Team Korea’ spirit. Now, our government wants to share its experience and expertise with our partners,” Lee added. (PNA)
