AFAB joins Business Delegation of PRRD State Visit
The Authority of the Freeport Area of Bataan (AFAB), headed by the Chairman and Administrator Emmanuel D. Pineda, participated as part of the business delegation of the Official Visit of President Rodrigo Roa Duterte to the Republic of Korea. In a business forum organized by the Korea Federation of SMEs (KBIZ) on 05 June 2018 at the Lotte Hotel Seoul, President Duterte committed to undertaking reforms to facilitate the ease of doing business in the Philippines and further protecting parties from corruption. Likewise addressing the security concern of foreigners, he pledged to cleansing the ranks of the Philippine security forces in order to more effectively enforce law and order in the country.
During the forum, Secretary of Finance Carlos Dominguez talked about the current administration’s 10-point Agenda, the Build Build Build Program and the TRAIN Law, while Secretary of Trade and Investment Ramon Lopez presented the country’s trade and investment performance, the manufacturing sector’s resurgence and the inclusive innovation industrial strategy espoused by the Department of Trade and Industry (DTI) to propel jobs and investments. Secretary of Agriculture Emmanuel Pinol promoted business opportunities in agriculture.
The two (2) nations’ business communities were well represented by members of their respective chambers of commerce, trade associations and industries such as the Philippine Korea Economic Council – Philippine Chamber of Commerce and Industry (PhilKorec – PCCI), Korean Chamber of Commerce and Industry (KCCI), among others. Highlight of the business forum was the signing of business agreements focusing on engagements and collaboration in renewable energy development, transportation, agriculture and communications. The generous donation of the Korea Federation of Fire Association (KFFA) to the AFAB, comprised by fire trucks and ambulance, was also acknowledged during the signing.
Worth noting during the business forum is the presence of the President of the Dong In Group of Companies Mr. Jung In Soo. Dong-In is a Korean conglomerate which has been operating its vast manufacturing facility at the Freeport Area of Bataan for more than 20 years, providing employment to almost 7,000 Filipino workers. The Group manufactures bags and luggage; child carriers, strollers and harnesses along with their various components; and, outdoor gears and equipment and these are exported to various countries in Asia, North America and Europe.
The AFAB, for its part, was in receipt of a Letter of Intent (LoI) from The Biz Link Korea, intending to invest about US$1Bn in various facilities and infrastructure projects and generate 1,000 jobs at the Freeport. While not part of the ceremonial signing of LoI, this nevertheless presents a significant investment contribution to the Philippine economy and is considered supportive of President Duterte’s Build Build Build Agenda.