Korean food firm eyes Bataan Freeport investment

Korean food firm eyes Bataan Freeport investment | Daily Tribune

Freeport Area of Bataan — A Korean company is set to infuse P3.9 billion worth of investments at this Freeport, according to the Authority of the Freeport Area of Bataan (AFAB).

In a statement, the AFAB said that Korean company Genesis BBQ Group signed a memorandum of understanding for the initial investment of P3.9 billion at the Freeport Area of Bataan.

Genesis BBQ Group is a corporation engaged in food chain business, commercial enterprises, hotel operations and other tourism-related ventures and it is set to establish its business operations within the FAB Main Zone and FAB Expansion Areas within the Province of Bataan.

During their three-day visit at the Freeport, delegates of Genesis BBQ took part in business and tourism activities for a better appreciation of Bataan and its strategic areas for development.

They were treated with a series of tours around the proposed areas for development in the FAB including the Central Business District, Yacht Club Area, Factory Tour, Golf Course, and a rolling tour within the FAB Main Zone.

The group is represented by its chairman and chief executive officer Hong-Geun Yoon and other corporate representatives Allen Yoon, Dan Kim, Kim Sungwoo, Keunhee Lee, Minsoo Lee and Mikyung Jang.

The visit marks the immediate result of AFAB administrator and CEO Mohammed Pagandaman’s successful investment mission in South Korea in November 2023 and a follow-up visit in January 2024.

Together with the Office of the Administrator Group head Atty. Percival Peralta, Registration Division OIC Alejandro Sugatain, through the Philippine Trade and Investment Center-Seoul, the AFAB team met with the Genesis BBQ Group founder to present different investment opportunities in the FAB.

In this mission, Yoon was delighted with the AFAB’s visit and committed to studying every possibility of putting up various businesses in the FAB.

“The continued and persistent efforts of AFAB have successfully forged promising collaborations with Korean entities during these investment missions,” Pangandaman said.

“The AFAB has consistently responded to the PnB Group Co. Ltd. invitation to chase after fruitful discussions and partnerships in various sectors, including financial technology, IT-related projects, the importation of Korean products, resort development and manufacturing,” he added.

Pangandaman also said that AFAB and PnB Group strived to lay the foundation for a robust partnership that could mutually benefit both parties.