South Korean President lauds President Aquino's inclusive growth policy

November 21, 2011 11:03 pm 

MANILA, Nov. 21 — Visiting Republic of Korea President Lee Myung Bak conveyed his ‘deepest admiration’ to President Benigno S. Aquino III for his policy of inclusive growth which enabled the country’s economy to remain upbeat despite the ongoing global economic crisis.

President Lee, who is on a three-day state visit to the Philippines, paid a courtesy call on President Aquino in Malacañang Monday morning which was followed by an expanded bilateral talk with their respective Cabinet members where the two leaders exchanged views and conveyed gratitude to each other.

In a statement issued after the signing of five agreements for development assistance between Korea and the Philippines at Malacañang’s Reception Hall, President Lee said the 7.6 economic growth posted by the Aquino administration is an “outstanding number” envied by other economies.

“Despite the global economic crisis that all of the countries are going through, the Philippine economy posted remarkable growth: 7.6 percent. This is an outstanding number as the envy of many countries around the world and also you are on a path towards continuous growth,” he said.

President Lee credited this particular achievement by President Aquino based on the “tremendous vision and resolve” he has demonstrated toward implementing this inclusive growth policy in order to provide Filipino people with a better future and prosperity for all.

President Aquino, for his part, noted that the Republic of Korea is the Philippines’ fifth largest trade partner with bilateral trade reaching $ 6.08 billion and was the third top investor in the country last year with investments that reached $ 693.1 million.

“The Republic of Korea and its business sector have continued to display confidence in the economic prospects and opportunities found in the Philippines and, for this, I thank them,” President Aquino said.

Bilateral relations between the Republic of Korea and the Philippines in terms of trade prospects are expected to grow following the agreements signed involving the agriculture and energy departments of both countries. (PNA)



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