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Korean firm commits P3.9B investment in Bataan Freeport

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Korean firm commits P3.9B investment in Bataan Freeport
  • Mhike R. C.
  • 2 months ago

The Authority of the Freeport Area of Bataan (AFAB) eagerly welcomed delegates from Genesis BBQ Group, a prominent corporation from the Republic of Korea, specializing in various business ventures including food chains, commercial enterprises, and tourism-related activities.

Genesis BBQ Group announced its intention to establish operations within the Freeport Area of Bataan (FAB), with an initial investment of PHP 3.9 billion. This move signifies a significant boost to the economic landscape of the region. During their three-day visit, the Genesis BBQ delegates engaged in a series of activities aimed at deepening their understanding of Bataan and its potential for development. This included signing a Memorandum of Understanding (MoU) with AFAB and participating in tours of key areas within the FAB, such as the Central Business District, Yacht Club Area, and Golf Course.

The delegation, led by Chairman and CEO Hong-Geun Yoon, expressed keen interest in exploring business opportunities within the region. The visit by Genesis BBQ Group is a direct outcome of AFAB’s successful investment missions in South Korea, led by AFAB Administrator & CEO Pangandaman. These missions, which took place in November 2023 and January 2024, laid the groundwork for fruitful collaborations between AFAB and Korean entities. Through persistent efforts and strategic engagement, AFAB has fostered partnerships in various sectors, including financial technology, IT projects, resort development, and manufacturing.

Notable partnerships have emerged from these initiatives, with Genesis BBQ Group standing out for its interest in resort development and product importation within the FAB. As AFAB continues to pursue avenues for investment and growth, the collaboration with Korean investors signals the beginning of a promising future characterized by dynamic ventures and shared successes.

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