The Authority of the Freeport Area of Bataan (AFAB) strengthened its cooperation with South Korea with the recent signing of a Memorandum of Agreement (MOA) with the Korean Chamber of Commerce Philippines (KCCP), Inc.

The MOA between the AFAB and the KCCP aims to establish a strong partnership toward the promotion and development of trade and commerce in the FAB through coordination with Korean corporations and individuals.

AFAB Chairman and Administrator Deogracias G.P. Custodio said that the new deal will assure the existing Korean locators in the FAB and potential investors that their needs and business concerns will be properly addressed by the Authority.

“Hopefully, this (MOA) is the start of a very important partnership. It's always good for locators to know that they have supporters outside of the Freeport Area of Bataan, people who are willing to advocate their concerns and bring them to the attention of the national government as the need arises,” Chairman Custodio said.

The agreement will also help the AFAB lure more Korean locators to the freeport.

KCCP President Edward Eun-Gap Chang said that with the forging of the MOA, his agency will be able to promote the FAB as the number one investment destination in the Philippines.

“According to AFAB data, Korean locators in the FAB remain second in the top ten locators in the freeport in terms of number. But as KCCP takes this new partnership, I am confident that this data will be increased,” Mr. Chang noted.

“The signing of the agreement shows that we (KCCP officials) are willing to pursue our goal to promote trade and commerce in the FAB for our present and future Korean locators,” he added.

On the other hand, Chairman Custodio and Mariveles Mayor Jesse Concepcion assured KCCP that its initiative will be fully supported by the local government.

“I can assure our locators and the members of the KCCP that the success of the AFAB is also due to the strong support of the local government,” Chairman Custodio disclosed.

“As the local chief executive of Mariveles, I support the FAB and KCCP. And we're ready to support whenever there comes a time that there will be problems,” Mayor Concepcion said.

Meanwhile, Chairman Custodio said that the new deal affirms AFAB’s commitment to establishing more manufacturing centers and generating additional jobs for residents of Bataan.

“Manufacturing can play and will play a very big role in ensuring that the growth is felt by the people on the ground and outside of our centers of industry and business in the country,” he noted.

AFAB KCCP (Upper Left Photo) AFAB Chairman and Administrator Deogracias Custodio (second from right) and KCCP President Edward Eun-Gap Chang (third from right), along with witnesses Mayor Jesse Concepcion (first from right) and Atty. Rolando Villones (first from left), sign the memorandum of agreement, forging partnership in promoting trade and commerce in the FAB. Chairman Custodio and the KCCP delegates also visited the Dong-In Group of Companies and met Korean locators in the FAB.