Source: MOFA response to false claims by Chinese Foreign Ministry spokesperson regarding Taiwan and its president
[Unofficial Translation]
Your Excellency President Bongbong Marcos, distinguished business leaders from both countries,
It is wonderful that the Korea-Philippines Business Forum is being held here in Manila, the Pearl of the Orient and a gateway linking Asia and the Pacific.
Korea and the Philippines possess a truly special relationship. The Philippines was the first ASEAN country to establish diplomatic relations with Korea back in 1949. When the Korean War broke out in 1950, the Philippines was not only the first Asian country to join our side in the fight, but also sent more troops than any other Asian nation. In this sense, Korea and the Philippines are old friends and partners bound by blood.
Having stood together to defend freedom and democracy, our two countries have also worked closely together throughout the process of economic development. In the Philippines, Korean businesses have invested in its key industries such as electronics, shipbuilding and semiconductors, thus contributing to the country’s economic growth and job creation.
By expanding trade through such trade platforms as the Korea-ASEAN FTA and the Regional Comprehensive Economic Partnership, Korea has become one of the Philippines’ top five trading partners.
Thanks to the active efforts of business leaders from both countries, our bilateral cooperation has now broadened to encompass economic and social sectors, ranging from the defense industry to cultural content.
Distinguished business leaders,
This year is significant as it marks the 75th anniversary of the establishment of diplomatic ties between Korea and the Philippines. Moreover, the Philippines is a key partner in Korea’s Indo-Pacific Strategy and the Korea-ASEAN Solidarity Initiative.
At the summit held this morning, we agreed to upgrade our two countries’ relationship to a Strategic Partnership. Korea will use this as an opportunity to further enhance strategic economic cooperation with the Philippines.
First, our two countries will work together to prepare for the “nuclear renaissance” era. Nuclear power is indispensable when it comes to providing the stable supply of electricity needed to develop hi-tech industries while also achieving carbon neutrality.
Recently, the Philippines has begun preparations to reintroduce nuclear power. By signing the MOU on the Feasibility Study on the Rehabilitation of Bataan Nuclear Power Plant on this occasion, our bilateral cooperation on nuclear power is expected to go into full gear.
I am confident that Team Korea will be the optimal nuclear power partner for the Philippines.
Second, though infrastructure cooperation between our two countries remains active, I’m pinning even greater expectations on the potential for future development.
The Philippines is pushing ahead with large-scale infrastructure development policies like Build Better More. In order to work together with the Philippines on its key infrastructure projects, Korea agreed to lend support through the Economic Development Cooperation Fund.
In particular, Korea plans to provide 900 million dollars for the construction of the Laguna Lakeshore Road Network and more than 1 billion dollars for the PGN Sea Bridge Project. I hope that outstanding Korean businesses will be able to contribute more to expanding infrastructure such as roads and bridges in the Philippines.
Third, we will strengthen supply chain cooperation on critical raw materials. The Philippines is a resource-rich country – indeed, it is the world’s second-largest producer of nickel. As Korea has hi-tech industries spanning semiconductors, batteries and others as well as excellent materials-related technology, our two countries can work together in numerous supply chain areas.
By signing the MOU for Supply Chains in Critical Raw Materials on this occasion, our two countries will further strengthen collaboration in exploring critical minerals and developing related technologies as well as providing mutual assistance in the event of disruptions in raw material supply chains.
In addition, the Crisis Response Network was established to help implement the Indo-Pacific Economic Framework Supply Chain Agreement, with Korea serving as the inaugural chair. I hope that Korea and the Philippines will be able to work together closely through this network.
Lastly, we shouldn’t overlook agricultural cooperation. With geopolitical risks expanding and abnormal climate events occurring more frequently, concerns over food security are on the rise in many countries.
On the back of the MOU on Agricultural Cooperation signed in 2018, our two countries are already collaborating closely on crop seed distribution, smart farms, rural development and various other projects.
We will further expand cooperation on pesticides, fertilizers and farming machinery to increase agricultural productivity going forward. In particular, we will work together to quickly establish a complex for manufacturing Korean agricultural machinery. I look forward to the day when this complex will develop and supply machinery that befits the Philippines’ natural environment and native crops.
Distinguished business leaders,
Koreans comprised the largest share of foreign visitors to the Philippines last year. I understand that Koreans frequently visiting the country include not only tourists, but also businesspeople.
According to a historical record from 200 years ago, when storm-tossed Korean merchants barely managed to reach the Philippines, they were able to return home safely thanks to the help from its local residents.
It seems that this meaningful historical incident holds the key as to why so many Koreans visit the Philippines. I was also able to feel the warm hospitality and friendship of the people here during this visit.
Korea and the Philippines will continue to protect the values of democracy and a market economy and work together for mutual prosperity.
Distinguished business leaders from both countries,
I am very grateful to you for spending your valuable time here today. I hope this Forum will serve as a precious chance to build our friendship and expand opportunities for cooperation.
Thank you.