PORTS controlled by the Philippine Ports Authority (PPA) recently forged a sister port agreement with Incheon in South Korea.
“This is an encouraging step towards the promotion of trade and maritime transport between the two countries by way of mutual assistance and port cooperation particularly in the field of port studies, training and apprenticeship, exchange of information, technical assistance as well as traffic development and promotion of services between the two ports,” PPA general manager Juan C. Sta. Ana said.
“Korea’s industrial growth would undoubtedly open doors to immense economic opportunities for its Asian neighbors. For trade to grow and for the people to prosper, our country needs to gain access to international markets like Korea,” he added.
In 2009, South Korea was the Philippines’ third biggest source of foreign direct investment and seventh largest trading partner.
Last year, South Korean investors pledged to bring in P23.8 billion, more than half of total investment approvals.
PPA and the Guangzhou Port Authority also signed a sister port agreement in 2004 intended to facilitate shipment of goods between Guangzhou and the ports of Manila and Davao.
