A South Korean business delegation has expressed keen interest to invest more in the country’s energy and infrastructure sectors, a news statement released by the Board of Investments (BOI) said on Monday.
The BOI statement said that 14 South Korean companies that comprise the delegation recently visited the country have expressed willingness to support the government’s thrust to raise infrastructure investments from 3 percent of the GDP in 2014 to 5 percent in 2016.
“The upward trend of GDP growth presents tremendous opportunities for further investments in infrastructure,” Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo in the same statement.
Secretary-General of the Asean-Korea Centre Kim Young-Sun acknowledged that the Philippines is an attractive site for investments for South Korean businesses, especially in the energy and infrastructure.
According to Young-sun, the volume of investments in these sectors more than doubled from $18 million in 2013 to $40 million in 2014.
Investments in infrastructure and energy compose some 40 percent of South Korea’s total investment in the Philippines.
Korea is the fifth-largest investor of the Philippines with interests in manufacturing, shipbuilding, retail, gaming and software development, tourism, infrastructure, agriculture, agribusiness, energy and banking and finance.
During their visit to the Philippines, the Korean delegation conducted site visits to RASLAG Photovoltaic Power Plant, Ninoy Aquino International Airport Expressway project and the Daang Hari Expressway.
