November 28, 2019
Philippines and South Korea sign aquaculture MoU
Both countries will collaborate in aquaculture management and trade cooperation, as well as industry-related scientific and technical matters, reported Business World.
The memorandum of understanding (MoU) was signed between the Philippines' Department of Agriculture (DA) Agriculture Secretary William D Dar and South Korea Ministry of Oceans and Fisheries (MOF) Minister Moon Seong-hyeok in Busan, South Korea.
The DA said the agreement will enhance collaborative efforts in the aquaculture industry between both countries, promoting cooperation, the fisheries trade and fisheries-related business investments.
Dar said the DA has been looking at ways to expand market access to South Korea for agricultural products from the Philippines. Among the aquaculture products exported by Philippines include tuna, prawn, shrimp, abalone, sea cucumber, octopus, seaweed, and carrageenan.
Dar added that South Korea is a lucrative market opportunity for Philippines' aquaculture products. The Philippines' Statistics Authority (PSA) reported August exports to South Korea was US$275.20 million, with total exports between January to August this year reaching US$2.033 billion, a 22% jump compared to 2018.
- Business World