Manila: South Korean companies have entered into agreements amounting to US$16 million for the export of consumer goods to the Philippines, as announced by the industry ministry on Wednesday. The deals were formalized during a South Korea-Philippines business partnership event, coinciding with President Lee Jae Myung's state visit to Manila.

According to Yonhap News Agency, the event saw participation from 52 Korean firms and 70 Filipino buyers. In addition to these agreements, a bilateral business forum held prior to the event resulted in seven memorandums of understanding (MOUs) aimed at enhancing cooperation between the two nations across various sectors, including shipbuilding, nuclear power, and consumer goods.

One of the significant agreements includes a trilateral MOU involving Korea Hydro and Nuclear Power Co. (KHNP), the Export-Import Bank of Korea, and Meralco, the Philippines' electric power company. This collaboration seeks to establish a new business model and develop expertise for nuclear power initiatives. Additionally, an MOU was signed between Korea's HD Hyundai Heavy Industries Co. and the Philippines' Technical Education and Skills Development Authority to collaborate on shipbuilding technology advancements. Furthermore, Samyang Foods Inc., a Korean instant noodle manufacturer, agreed to work with Filipino retailer S and R to enhance food export cooperation.

Industry Minister Kim Jung-kwan emphasized the increasing popularity of Korean beauty and food products, stating that the government will collaborate with relevant ministries and agencies to support Korean businesses entering the Southeast Asian market. The Philippines, being a strategic hub for the region, offers diverse business opportunities for Korean companies.