BOI, Korean counterpart ink MOU to bolster economic cooperation

The Board of Investments (BOI) and the Small Business Corp. (SBC) of Korea have signed a Memorandum of Understanding (MOU) which would strengthen mutual economic cooperation to promote and develop small and medium enterprises (SMEs) of both countries.

Under the MOU signed Thursday, Dec. 15, the BOI and SBC would exchange information and experiences with regard to the promotion of SMEs, as well as relevant enhancement of investment cooperation between industries of both countries such as technology transfer, joint venture, strategic alliances and so on.

SBC and BOI would also identify suitable partners for possible cooperation contracts between companies of both countries.

Both organizations would appoint an officer within their respective organizations who would have the responsibility to follow up and coordinate joint venture projects.

"With this MOU, Philippine-Korean partnership is bound to grow and deepen, with our economic fates becoming much more interwoven together," Trade Undersecretary and BOI managing head Elmer C. Hernandez said.

Hernandez signed the agreement on behalf of the BOI.

Hernandez cited Korea as one of the major partners of the Philippines both in terms of trade and investments.

"Most Korean companies see the Philippines as an ideal platform for overseas production in Asia and have established their presence in Philippine business," Hernandez said.

Under the MOU, the BOI and SBC would set up a Korea Business Development Center in the Philippines, while SBC would dispatch a Korean Expert to the Philippines and invite Philippine trainees to Korea to expand the mutual economic cooperation among SMEs of both countries.

The signing of the MOU was part of the activities lined up by the government during the state visit of South Korean President Roh Moo-Hyun.

Other activities undertaken were the launching of the Northrail-Southrail Linkage Project and the inauguration of the Information Technology Center in Quezon City.

The Philippines-Korean Economic Council (PHILKOREC) of the Philippine Chamber of Commerce and Industry also convened the 21st Joint Meeting with its Korean-based counterpart organization Korea-Philippines Economic Council (KORPHILEC). Every year the two business groups undertake a joint meeting to discuss issues affecting trade, tourism and services.