Manila: South Korean companies signed a combined US$16 million worth of deals to export consumer goods to the Philippines, the industry ministry said Wednesday. The agreements were finalized between 52 Korean firms and 70 Filipino buyers during the South Korea-Philippines business partnership event, which coincided with President Lee Jae Myung's state visit to Manila.

According to Yonhap News Agency, the event also featured a bilateral business forum where seven memorandums of understanding (MOUs) were signed to enhance cooperation in sectors such as shipbuilding, nuclear power, and consumer goods. Notably, the Korea Hydro and Nuclear Power Co. (KHNP), the Export-Import Bank of Korea, and the Philippines' electric power company Meralco entered into a trilateral MOU to collaborate on a new business model and talent development for nuclear power projects.

Additionally, Korea's HD Hyundai Heavy Industries Co. and the Philippines' Technical Education and Skills Development Authority agreed to cooperate on shipbuilding technology developments. In the food sector, an agreement was made between Korean instant noodle maker Samyang Foods Inc. and Filipino retailer S and R to promote food exports.

Industry Minister Kim Jung-kwan highlighted the growing popularity of Korean beauty and food products, emphasizing the government's commitment to supporting Korean companies in the Southeast Asian market, particularly in the Philippines, which acts as a strategic hub for the region.

On the sidelines of the summit, Agriculture Minister Song Mi-ryung met with her Filipino counterpart, Francisco Tiu Laurel Jr., to discuss enhanced cooperation in trade and food security. The agriculture ministry stated that these discussions aim to boost South Korea's exports of food and agricultural products to the Philippines.