South Korea urged to invest more in Philippines

South Korea urged to invest more in Philippines

South Korea urged to invest more in Philippines

Last week, Seoul and Beijing agreed to move beyond a year-long stand-off over the deployment of a US anti-missile system in South Korea, a dispute that has been devastating to South Korean businesses that rely on Chinese consumers.

During his bilateral meeting with South Korea President Moon Jae-in on Monday, Duterte said he was hopeful that South Korean investors would pour in more investments in manufacturing, automotive, food production and processing, agribusiness, electronics and energy. China earlier had protested the installation of the system known as Thaad - which Seoul insists is for defensive purposes only against Pyongyang - and taken steps to punish it economically.

According to the draft, the statement condemned North Korea, which continues to develop weapons of mass destruction such as nuclear and chemical weapons as well as ballistic missiles.

Tension on the Korean peninsula rose last month as North Korea's leader Kim Jong Un and U.S. President Donald Trump exchanged war-like threats and insults over the North's nuclear and missile development programme.

After months of Chinese protest and discussions, the countries' foreign ministries issued a joint statement on October 31, saying the countries will put their relationship back on the right track.

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Officials are seeking to resume an annual summit between China, Japan and South Korea, which was scheduled for July but postponed as Beijing and Tokyo locked horns over maritime sovereignty in the East China Sea, and China and South Korea squabbled over THAAD.

Moon, a human rights lawyer who won the presidency in May 2017, is the first South Korean president to appoint a special envoy to ASEAN. But his proposal that they pay mutual visits next year - the 40th anniversary of a friendship treaty between them - was met only with references to the importance of high-level exchanges, he told reporters. And Japan's relations with South Korea hit a sour note this month.

The Japanese and Chinese leaders also agreed to broad economic cooperation.

It's for this reason that the worldwide community must pressure North Korea into talks as soon as possible, including through use of sanctions, Moon said Tuesday, per Reuters.

Experts pointed out that this remark was to urge the South Korean government to stick to what it suggested and it is in this context that the Chinese President refused to answer at the meeting to the request for participation in the 2018 Pyeongchang Winter Olympics. They reaffirmed that their two countries have a great responsibility to ensure regional and global peace and prosperity.

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