Luis Chavit Singson, chairman of the Philippines’ LCS Group of Companies, sees a lot of business potential on South Korea’s eastern coast, having recently committed $100 million investment in a residential, commercial and resort development project there, the group said on Sunday.
LSG Group recently announced its investment by 2025 in the Mangsang District 1 development project in the East Coast Free Economic Zone (EFEZ), its first such project in Korea.
The tycoon, who is also a politician in the Philippines, said the economic zone was attractive for investors like him geographically and strategically, as it is located on the coastline with accessibility to neighbor countries Japan, Russia and Northeast China.
He said its clean ocean, green forests, great air quality and Korea’s highly developed technology will make it “a sustainable tourism complex.”
The government’s support for foreign investment, such as permitting LCS to legally own assets in Korea and tax reduction policy, is another reason LCS chose to take part in the project, Singson said.
Together with a consortium of foreign partners, LCS Group has initially committed $100 million to the development of a mixed-use residential building near the EFEZ.
It has signed an investment agreement with the East Sea Free Economic Zone Authority, and a special purpose company will be set for the project.
LCS Group also plans to develop hotels and resorts along the coast, and has already begun talks with big hotel brands to “infuse value and prestige into the economic zone,” according to Singson.
The tycoon is upbeat about the hotel and resort industry in Korea, the 20th most visited country in the world.
“Although everyone in the world has been affected by the pandemic, it is never too early to prepare for a reopening. We need to show the world that there are ways to continuously boost the economy despite tough times,” he said.
LCS is also creating K-pop tour and winter travel programs in Gangwon Province for Filipinos, in which it hopes many Korean travel agencies participate.
The conglomerate established a subsidiary called LCS Korea last year for long-term economic partnerships.
“Aside from Korea being one of the top markets in the world and ranked one of the best in free trade and business friendliness, Korea has always been close to my heart,” Singson said.
LCS Group invited Hyundai Engineering & Construction, Hyundai Engineering, Korea Investment & Securities, Hyundai Asset Management, and Meritz Financial Group to the Ortigas development project in Manila.
Bosung Powertec is supplying LCS with materials for telecommunication towers in the Philippines.
By Kim So-hyun (firstname.lastname@example.org