South Korea consortium to help firms enter Philippines market

MANILA, Philippines — South Korea has formed a consortium of public and private companies that will provide support to Korean companies looking to enter the Philippines’ urban development market.

In a statement yesterday, South Korean government agency National Agency for Administrative City Construction (NAACC) announced the formation of Team Korea to the Philippines, which is a consortium of 23 public institutions and private companies.

Team Korea was launched to link Korean firms interested in building urban infrastructure and smart cities in the Philippines with the Bases Conversion and Development Authority (BCDA), which oversees major urban development projects.

NAACC plans to hold regular meetings with the BCDA and participating companies to discuss collaborative projects.

Through these efforts, the NAACC aims to enhance South Korea’s presence in the global urban development arena, while promoting mutually beneficial partnerships.

“By sharing the successful experience and technology accumulated through the construction of Korea’s Administrative City Sejong, we aim to actively support Korean companies in their global ventures, particularly in the rapidly developing Philippine market,” NAACC administrator Kim Hyeong Ryeol said.

For his part, BCDA president and CEO Joshua Bingcang said Team Korea is expected to provide a platform for more seamless business transactions.

“We are confident that with Team Korea, we will be able to strengthen our alliance with partners who can help us transform the whole of Clark into Asia’s next investment and tourism destination,” he said.

Last year, NAACC signed a memorandum of understanding with the BCDA to explore opportunities to collaborate in urban planning, smart cities development, green energy and smart administrative systems for the New Clark City.