Board of Investments (BOI) Director for International Investments Promotion Service Angelica Cayas paid a visit to Chung-Ang University (CAU) to deliver a special lecture on Korea-Philippines economic cooperation on Nov 28 (Thu). The lecture was jointly organized by Department of International Trade and Logistics of CAU Graduate School, the Joint Research Project Team for New Southern Market of the National Research Foundation of Korea (NRF), CAU BK21+ International Logistics Project Team and Business Research Institute.
CAU invited Director Cayas who was on her visit to Korea to attend the Korea-ASEAN summit, which was held to promote economic ties between Korea and ASEAN countries related to Korea’s New Southern Policy including the Philippines, Indonesia and Malaysia. She delivered a lecture at CAU with a title “Philippines-South Korea’s Strategic Business and Innovation Partner.”
Students and professors of International Trade and Logistics, trade experts, business insiders from Korean companies that have made inroads into the Philippines market and those from financial institutions all engaged in an active discussion on economic ties between the two countries and global trade issues.
The lecture was followed by an insightful Q&A session where participants actively discussed why and how the Philippines and Korea need to become partners seeking mutual economic growth and co-prosperity rather than remaining just as trade destinations for each other. Director Cayas also mentioned the growth potential of the Philippines economy and why the Korean government and companies need to pay attention to the ASEAN market.
Her lecture was attended by nearly 65 people—about 40 students and 20 professors of CAU and other universities as well as business insiders including trade experts and customs brokers. Chairman Kim Chang-bong of Department of International Trade and Logistics of CAU Graduate School delivered his opening remarks in which he mentioned the growth potential of the ASEAN market and the impact of using global value chain to companies in the era of the 4th Industrial Revolution. Prof. Song Jeong-seok of CAU School of Economics served as the moderator of the event and Director Lee Jong-gun of CAU Business Research Institute delivered a welcome speech for Director Cayas. Prof. Ahn Young-hyo of Department of International Trade of Incheon National University participated as an advisor of the event. The participants reached a consensus that Korea and the Philippines need to deepen their partnership for mutual economic growth through not only trade in goods but also trade in services, investment and cultural exchange, which could be achieved by sharing political and security cultures on a gradual basis.
The student participants showed deep interest in the issues discussed during the lecture and it was helpful for them to seek ways for co-prosperity of Korea and the Philippines through the New Southern Policy. The event served as a venue for a fruitful discussion on the roles the Philippines is expected to play as Korea’s trading partner, Korea’s current trade issues and how important it is for Korean companies to develop capabilities to broaden their perspectives on FDI and license investment instead of focusing only on trade in goods and services.
CAU Department of International Trade and Logistics is planning to promote joint research and exchange with prestigious universities in the Philippines including University of the Philippines in Diliman and De La Salle University. For active joint research on New Southern Policy and academic exchange, it will send its delegation to the Philippines on a regular basis to seek relevant institutions in the country. Director Cayas’s lecture is expected to serve as a stepping stone for further research on Korea’s advanced economic activities with the Philippines and closer bilateral relations.