PH, South Korea forge more key agreements
The recent visit of South Korean President Lee Jae-myung has emerged as one of the more significant in recent years as the two nations forged several agreements in trade, investment, economic cooperation, security and even scientific technology transfer.
“This MOU (memorandum of understanding) reinforces the strategic character of our partnership with Korea,” Trade Secretary Cristina Roque said after the signing of an upgraded MOU between the two nations.
“This MOU reinforces the strategic character of our partnership with Korea. By institutionalizing a more responsive and forward-looking cooperation mechanism, we are ensuring that trade and investment remain central pillars of a resilient and future-ready Philippine economy,” Roque said.
Roque was referring to the trade agreement that established a stronger joint commission on trade, investment and economic cooperation, to boost trade and investments as well as industrial capabilities in strategic sectors.
While Roque focused on trade and investments, the security sector also received a boost as South Korean defense contractors signaled more security-related military modernization deals.
Bloomberg reported that Korea Aerospace Industries Ltd. is planning to offer its KF-21 fighter aircraft, which is under development, as well as helicopters to the Philippines, even as the firm said it would start the delivery of FA-50 light combat aircraft to the Philippines in 2028, according to senior executive vice president Cha Jae-byoung.
‘Top customer’
“The Philippines is one of our top customers, one of the first air forces to operate our FA-50s in the world,” Cha said after the announcement of a $700-million deal involving 12 jets announced in June.
“The nation holds an irreplaceable position as the frontline state for regional maritime security,” Bloomberg quoted Lee In-ho, senior vice president at HD Hyundai Heavy Industries Co., as saying. “On the maintenance, repair and overhaul standpoint, we will keep investing.”
The Philippine National Police also signed a cooperation agreement with the Korean National Police Agency.
PNP chief Gen. Jose Melencio Nartatez Jr. said the agreement aims to enhance coordination between the two police forces, particularly in ensuring the safety of South Korean nationals living and traveling in the country.
“The Philippine National Police is committed to closely coordinating with our South Korean counterparts in ensuring the safety and security of their citizens in the country,” Nartatez said.
Nartatez said the working relationship extends to information and experience sharing to combat transnational crimes.
South Koreans represent one of the largest foreign communities in the Philippines.
In scientific technology transfer, South Korea’s Perigee Aerospace Inc. also signed an MOU with the Philippine Space Agency to collaborate on rocket development and launches.
