DEPARTMENT OF FOREIGN AFFAIRS 
P R E S S  R E L E A S E
www.dfa.gov.ph                                                                                           2330 Roxas Blvd., Pasay City, Philippines                                                                                 Tel. No. 834-4000 

SFA-AGR-662-05                                                                                                                                                                                                                                                                       19  September  2005

KOREA CONFIRMS COMMITMENT TO DRAMATICALLY INCREASE RP INVESTMENTS;
ROMULO WELCOMES RECENT POSITIVE DEVELOPMENTS IN SIX PARTY TALKS ON KOREAN PENINSULA ISSUE

19 September 2005, United Nations, New York – Foreign Affairs Secretary Alberto G. Romulo today received confirmation of the Republic of Korea’s commitment to dramatically increase Korean investments in the Philippines.  The Secretary received this commitment today from Korean Foreign Minister Ban Ki-Moon when the two officials met at the sidelines of the 60th Session of the United Nations General Assembly in New York.  During their meeting, the Secretary also told Minister Ban Ki-Moon that the Philippines strongly supports the work of the Six-Party Talks and welcomed the announcement today by the Democratic People’s Republic of Korea that it would abandon nuclear weapons and return to the Nuclear Non-Proliferation Treaty.

“Foreign Minister Ban Ki-Moon confirmed that Korea will be dramatically increasing its investments in the Philippines.  Our senior officials have been hard at work laying the firm foundations for a dramatic increase in Korean investments in the Philippines.  These investments will be in the critical sectors of energy, infrastructure, shipbuilding and mining.  These investments will not only create jobs but will also highlight the Philippines as an important and viable investment destination,” Secretary Romulo said after his meeting with the Korean Foreign Minister.

It is expected that agreements on these investments will be signed during the State Visit of President Roh Moo-Hyun on 14-16 December 2005, the Secretary explained.

During their meeting, Secretary Romulo also congratulated the Republic of Korea for its role in the recent success of the Six-Party Talks.

“The recent striking developments in talks on the Korean Peninsula, including the decision of the Democratic People’s Republic of Korea to abandon nuclear weapons and open itself to nuclear inspections, are a result of the commitment and dedication of the officials involved, including those from the Republic of Korea,” the Secretary said.  The Secretary added that the willingness of the Republic of Korea to provide development support and cooperation, particularly in the area of energy, to the DPRK, was critical to the success of the Six-Party Talks. END
 
 

/jay