Minister of Trade, Industry and Energy Ahn Duk-geun said on the 7th that he held a high-level meeting with a delegation from the Philippine government to discuss strengthening economic cooperation through expanding trade and investment between the two countries, supply chain collaboration, and non-carbon energy.
Minister Ahn met with 23 individuals, including Frederick Go, special economic advisor to the Philippine president, Francisco T. Laurel, Minister of Agriculture, and Ceferino S. Rodolfo, Vice Minister of Trade and Industry, at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on the same day.
At the meeting, Minister Ahn noted, "The Philippines possesses significant growth potential based on its rich resources and young population structure," and added, "I highly appreciate the efforts to create a high-quality investment environment, such as reducing the corporate tax rate for investing companies from 25% to 20%."
Advisor Frederick Go responded, "The Philippines recognizes South Korea as a key trade and investment partner, and as we selected South Korea as the first destination for this investment attraction roadshow, we hope meaningful results will be achieved through the 'Korea-Philippines Business Forum.'"
According to the Ministry of Trade, Industry and Energy, both countries agreed that they need to further expand cooperation in areas such as critical minerals and clean energy amid the rapidly changing global trade environment. In particular, they agreed to actively work towards the smooth implementation of the 'Memorandum of Understanding (MOU) on the feasibility study for the resumption of the Bataan Nuclear Power Plant construction' and the 'MOU on cooperation in critical raw material supply chains,' which were signed during last year's Korea-Philippines summit.
Afterward, Minister Ahn attended the 'Korea-Philippines Business Forum' hosted by the Philippine government and organized by the Philippine Embassy in South Korea. In his congratulatory remarks, Minister Ahn stated, "The relationship between South Korea and the Philippines has been upgraded to a 'strategic partnership' as a result of last year's summit, establishing a foundation for expanding economic cooperation," and added, "I will closely cooperate with the Philippine government using economic cooperation platforms to ensure that collaboration between our corporations continues without interruption."