A South Korean company has pledged to invest $30 million in the Philippines for the creation of a local agricultural machinery manufacturing plant to boost agricultural productivity and food security in the country. | NCorralesINQ /PDI
The development came after the Department of Agriculture sealed a memorandum of understanding with the Korea Agricultural Machinery Industry Cooperative, a federation of Korean agricultural machinery manufacturers.President Ferdinand Marcos Jr. welcomed the deal, citing the importance of mechanization to boost agricultural production.
“We all recognize very clearly the importance of mechanization for our country because we are trying to move production. We are trying to make sure that at least the local supply for rice is sufficient and, of course, hopefully, also the other crops,” Marcos said.
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