DTI banks on ROK-ASEAN initiative for inclusive growth

The Department of Trade and Industry on Thursday said it has committed to the ASEAN-Republic of Korea (ROK) partnership as a way of achieving inclusive growth once the Association of Southeast Asian Nations if fully integrated at the end of 2015.

 

Citing inclusive growth as one of the challenges under the ASEAN economic integration, Trade Undersecretary Ponciano C. Manalo Jr. noted the support of South Korea has been "favorable" with its vital role in Philippine economy and ASEAN Region as a whole.

 

In a message read by Board of Investments Director Angelica M. Cayas during the Korea-ASEAN Grand Project Partnership Forum, Manalo noted the partnership could provide opportunities with suppliers from Korea to the support key drivers of growth in the Philippines – infrastructure, climate change preparedness and power plant operations and maintenance.

 

“South Korea’s active support in the creation of the ASEAN Economic Community has certainly been favorable as we endeavor to increase connectivity and address common challenges in the region,” he said.

 

“I trust that this would not be the last and the least of our efforts to further strengthen our existing collaboration and build new ones,” he added.

 

Manalo said the forum which was attended by delegates from the ASEAN could bring in additional investments from Korea.

 

“I am optimistic that this mission will bring the ASEAN-ROK relations to new heights and help the delegates here today to realize and invest in the full potential of our country,” he said

 

South Korea remains one of the largest trading partners of the ASEAN, placing fifth in terms of foreign direct investment in region – up 105.88 percent in 2013. ASEAN, on the other hand, is the second largest trading partner of South Korea. 

 

As the fifth largest trading partner of the Philippines, South Korea is also an export market and import supplier. South Korea is currently the 11th top investor with $ 93.21 million pledges on investments as of 2014. – Jon Viktor Cabuenas/VS, GMA News