THE Board of Investments (BoI) said it entered a partnership with the Korea Trade-Investment Promotion Agency (KOTRA) to explore collaboration in investment promotion.
In a statement on Monday, the BoI said that the memorandum of understanding (MoU) it signed with KOTRA aims to capitalize on the recent ratification of the free trade agreement between the Philippines and South Korea.
“This MoU will allow us to leverage South Korea’s advanced industries and technological expertise while promoting the Philippines as a hub for sustainable manufacturing and innovation,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.
“Together, we can make it happen in the Philippines by creating new opportunities for investment and growth, especially in high-impact sectors like electric vehicles, renewable energy, and critical mineral processing,” he added.
Under the MoU, BoI and KOTRA will seek to enhance cross-border investment flows via joint investment promotion initiatives, including seminars, trade missions, and business matching activities.
“The BoI has been proactive in positioning the Philippines as a regional hub for smart, sustainable manufacturing and services, particularly in sectors that align with global trends toward decarbonization and technological innovation,” it said.
“This latest partnership with KOTRA builds on BoI’s broader efforts to attract South Korean investors, especially in the fields of renewable energy, electric vehicles, battery manufacturing, and industrial technology,” it added.
The BoI has also entered a partnership with Shinhan Bank, Co., Ltd., which will potentially service South Korean companies venturing into the Philippines.
With the Shinhan partnership, the BoI seeks to boost South Korean firms’ confidence in investing in the Philippines by providing a support ecosystem.
“With the MoUs between BoI and Korean organizations in place, both countries are poised to accelerate investment exchanges and collaboration, paving the way for stronger economic growth, more job creation, and deeper regional integration,” the BoI said.
Bilateral trade with South Korea was $12 billion last year, making it one of the Philippines’ major trading partners. — Justine Irish D. Tabile
