20 December 2023, Seoul. Philippine Ambassador to the Republic of Korea Theresa Dizon-De Vega highlighted opportunities for enhanced economic and tourism partnership between the Philippines and the Republic of Korea once the Philippines – Republic of Korea Free Trade Agreement takes effect during the Korea Herald Global Biz Forum held on 7 December 2023 at the Mondrian Hotel in Yongsan-gu, Seoul.

During her keynote, Ambassador Dizon-De Vega emphasized that the FTA can lead to strategic investments in priority sectors for both the Philippines and South Korea, saying, “For South Korea, one major area of interest is to be more competitive in the automotive and automotive parts sectors. A substantial number of priority tariff lines for Korea were eliminated. This would create a huge opportunity for Korean manufacturers in this sector to access the close to 114 million Filipino market based on projections. The Philippines is likewise hopeful that the tariff reduction will increase the interest of Korean companies to invest in the Philippines.”

Aside from this sector, the Philippines looks forward to more interest in new areas of cooperation in pharmaceuticals, biotechnology, critical minerals, energy, green technology including green transport, and the creative industries, among others.

The Ambassador also highlighted active people-to-people exchanges, especially in two-way travel. “Tourism is most impactful and effective if it works both ways,” the Ambassador said, noting that an increasing number of Koreans are favoring the Philippines due to its proximity to Korea, beautiful tropical destinations, and the popularity of Filipino culture and cuisine, and products. South Korea has once again become the leading source of tourists for the Philippines, with 1,271,602 visitors as of November 2023. Likewise, more Filipinos are seeing Korea as a favored destination.

Organized by the Korea Herald, South Korea’s largest English newspaper, the Global Biz Forum is attended by leading Korean CEOs and business owners looking to expand their access to the international market and create more trade and investment opportunities. The Global Biz Forum is also an opportunity for industry leaders to discuss the trends in the Korean economy, especially in travel and business.

Aside from Ambassador Dizon-de Vega, Korea Tourism Organization President Kim Jang-sil discussed Korea’s tourism potential and business environment and the remarkable growth of Korean cultural diplomacy which he attributed to the nation’s high global competitiveness. END