Grand Hyatt Hotel, Seoul
18 October 2013
President Benigno S. Aquino III invited Korea’s investment heavyweights to ride the wave of growing economic success by investing in the Philippines and becoming part of the country’s continued success during a luncheon with the Korean business community at the Grand Hyatt Hotel in Seoul.
In his speech, the President told at least 200 Korean executives that the Philippines has made a big turnaround from being the Sick Man of Asia to being referred now as the New Asian Tiger or Asia’s Bright Spot because the drastic transformation is anchored on just one simple idea – eliminate corruption, end poverty.
He also said that the Philippines as an investment destination is looking forward to sustaining its economic momentum.
“In 2015, the Philippines will enter a demographic sweet spot, with the bulk of our people hitting working age — a professional, loyal, English-speaking working force that can surely contribute to the growth of investors. This situation, one that is conducive to business, will remain for the next 40 years. By 2019, we will enter another sweet spot: GDP per capita will hit around 6000 dollars,” according to President Aquino.
The luncheon was hosted by Mr. Han Duck-Soo, chairman & CEO of Korea International Trading Association (KITA); Mr. Dong-Geun Lee, executive vice chairman of Korea Chamber of Commerce and Industry; Mr. Jae Hee Song, executive vice chairman of Korea Federation of Small and Medium Business; and Jin Ray Ryu, vice chairman of the Federations of Korean Industries.
Over 90% of the Korean business community comprises membership of the above organizations and it covers the Philippines’ target sectors for investments in auto parts manufacturing, information technology, construction, mining, tourism, automobile, energy, food and agriculture, SME business, electronics, telecommunications and shipbuilding.
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