2 Korean groups explore business opportunities in RP

MANILA, Philippines - Two Korea-based entities are exploring potential business opportunities in the Philippine energy sector.

Sources at the Department of Energy (DOE) told reporters recently that Korea International Cooperation Agency (KOICA), a government-run institution and Kolon Industries, one of Korea’s conglomerates, have asked the DOE’s approval to conduct multisectoral industry studies in various areas in the Philippines.

The studies, to be conducted by Koica in cooperation with Kolon and the DOE, will eventually used as a guide for future investments of Korean firms in the country.

“They want an official request from the government for them (KOICA) to conduct the study,” sources said.

The sources said the DOE had been requested to submit its formal request to KOICA last Dec. 15.

If the studies will prove positive results, the sources said the Kolon group may consider putting up power plants in the country.

According to sources, the cost of conducting the studies will be shouldered by KOICA.

Specificaly, the sources said Koica is eyeing feasibility studies on geothermal prospects in Bohol, Mindoro and Bukidnon.

But the sources said that the studies may involve other industries.

“At first, they want to look at the geothermal areas, but I think, the study will be done on multi-industry basis. They would want to explore all possible areas of cooperation,” the sources said.

KOICA was known for providing technical and financial grants to developing countries like the Philippines.

Founded as a government agency on April 1, 1991, KOICA wants to maximize the effectiveness of Korea’s grant aid programs for developing countries by implementing the government’s grant aid and technical cooperation programs.

In the past, KOICA used to develop cooperation efforts on meeting the Basic Human Needs(BHNs) of developing countries and on fostering their Human Resources Development (HRD).

Through the years, KOICA’s focus shifted to promoting sustainable development, strengthening partnerships with developing partners, and enhancing the local ownership of beneficiaries.

KOICA also took note that global concerns such as the environment, poverty reduction, and gender mainstreaming, have gained significant importance in the international community.

Due to the continuously changing trends in development assistance efforts and practices, KOICA is now striving to adapt to these changes by using its limited financial resources effectively in areas where Korea has a comparative advantage.