The Philippines and South Korea have signed a memorandum of understanding to boost their bilateral cooperation in the fisheries sector, according to a statement from The Philippines Department of Agriculture (DA) on 26 November.
Philippines Agriculture Secretary William Dar and Minister Seong-Hyeok Moon of South Korea Ministry of Oceans and Fisheries (MOF) made the deal during the 2019 ASEAN-South Korea Commemorative Summit, which took place 25 and 26 November in South Korea.
The MoU is expected to increase the collaboration between the two countries by enhancing cooperation in aquaculture and fisheries, and promoting fisheries trade and fishery-business investment.
Under MoU, the first cooperation deal in fisheries sector between the two countries, DA and MOF will pursue and promote scientific and technical, economic, and trade cooperation in fisheries and aquaculture, DA said.
Fisheries cooperation is a take-off to the first agriculture cooperation deal signed in 2018 with South Korea’s Ministry of Agriculture, Food and Rural Affairs (MAFRA) during the first official visit of The Philippines President Rodrigo Duterte to South Korea.
Since then, the DA has been working with MAFRA and agri-related agencies to initiate new partnerships leading to projects that will bolster agricultural and rural development and facilitate market access of Philippine agricultural products.
“DA is serious in its commitment to engage and strengthen bilateral relations with South Korea being one of the leading food importers in the world, requiring almost USD 30 billion [EUR 27.3 billion] food imports. South Korea is one of the most lucrative markets for Philippine agri-fisheries products,” Dar said.
South Korea is considered an emerging market for the Philippine seafood sector, with exports of high-value seafood and fisheries products to the country from the Southeast Asia economy growing by an average of almost 17 percent per year since 2016, generating USD 28 million (EUR 25.4 million) earnings for the Philippines last year, according to DA.
Tuna, abalone, sea cucumber, octopus, shrimps and prawns, seaweeds and carrageenan are among the major Philippine fishery exports to South Korea.
Photo courtesy of Robinson Niñal Jr./Republic of the Phillippines Information Agency
