A CONSORTIUM consisting of 23 South Korean public institutions and private companies has been formed to support members pursuing urban development projects in the Philippines.
In a statement on Monday, South Korea’s National Agency for Administrative City Construction (NAACC) announced the formation of “Team Korea to the Philippines.”
NAACC said that the consortium will promote the use of advanced urban development expertise and technology.
“By sharing the successful experience and technology accumulated through the construction of Korea’s Administrative City Sejong, we aim to actively support Korean companies in their global ventures, particularly in the rapidly developing Philippine market,” NAACC Administrator Hyeong Ryeol Kim said.
The formation of the consortium follows the memorandum of understanding (MoU) the NAACC signed with the Bases Conversion and Development Authority (BCDA) last year.
Signed in September, the MoU covers knowledge sharing and collaboration in urban planning, smart cities development, green energy, and smart administrative systems for New Clark City.
“The BCDA oversees major urban development projects, including New Clark City and has expressed strong interest in attracting Korean companies to participate in building urban infrastructure and developing smart cities,” NAACC said.
“In response, the NAACC launched ‘Team Korea to the Philippines’ to connect BCDA with Korean firms interested in entering the Philippine market, providing opportunities for project bids and collaborative ventures,” it added.
Following the launch, the NAACC plans to hold regular meetings with BCDA and participating companies to “explore detailed collaborative projects and secure tangible outcomes, including contract awards and joint urban development initiatives.”
“Through these efforts, the NAACC aims to enhance Korea’s presence in the global urban development arena while fostering mutually beneficial relationships with international partners like the BCDA,” NAACC said.
BCDA President and Chief Executive Officer Joshua M. Bingcang said that the consortium will help make business interactions between South Korea and the Philippines more seamless.
“We are confident that with Team Korea, we will be able to strengthen our alliance with partners who can help us transform the whole of Clark into Asia’s next investment and tourism destination,” Mr. Bingcang said.
Aside from NAACC, BCDA has also partnered with Korea Overseas Infrastructure and Urban Development Corp., Korean Water Resources Corp., RMS Platform, and Fine TME. — Justine Irish D. Tabile