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The Maritime Industry Authority and South Korea’s Busan Marine Engineering Association have agreed to expand trade and business relationships in shipbuilding and the maritime industry
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The agreement involves introduction of new technology and won’t make the Philippines “too dependent on importation of ship machinery, equipment, other products and services,” says Transport Undersecretary for Maritime Elmer Francisco Sarmiento
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The partnership is also expected to generate job opportunities and boost the shipbuilding industry
The Maritime Industry Authority (MARINA) has forged a cooperation agreement with South Korea’s Busan Marine Engineering Association to expand trade and business relationships in the field of shipbuilding and the maritime industry.
In a maritime forum on November 8, MARINA Administrator Hernani Fabia said the agreement will further enhance the mutual understanding between the two countries in expanding trade and business relationships in the maritime industry.
Transport Undersecretary for Maritime Elmer Francisco Sarmiento, for his part, said the agreement will make the “Philippines not to be too dependent in terms of importation of ship machinery, equipment, other products and services, as the new technology will be introduced under the Cooperation Agreement between our country and South Korea.”
The partnership is also seen to generate job opportunities and boost the shipbuilding industry. MARINA said to date, there are around 122 shipbuilding and ship repair entities in the Philippines.
The agreement also compels both parties to “establish a more comprehensive cooperation in the field of maritime business, including, but not limited to, education, technical, consulting, designing, research and development, engineering and construction and trading activities.”
The signing of the agreement was held during the Korea-Philippines Ship Technology Development Cooperation Forum.
BUSEA is a shipbuilding and offshore engineering industry cooperation and association supported by the Korean government.
South Korea is one of the top shipbuilding nations in the world, ranking second in terms of deliveries in 2021, according to Statista.
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