Korean president in PHL for 3-day state visit

President Benigno Aquino III will host a state dinner Monday for visiting Korean President Lee Myung-Bak, who arrived Sunday for a three-day state visit to the Philippines. Deputy presidential spokesperson Abigail Valte said welcome honors would be accorded to Lee when he visits Malacañang where he would have a bilateral meeting with Aquino. The two would also witness the signing a memorandum of understanding on agro-industrial development between Agriculture Secretary Proceso Alcala and South Korean Agriculture Minister Seo Gyu-yong. The MOU binds the two countries to jointly promote a "Multi-Industry Cluster" project that aims to promote agro-industrial development to be funded by loans or private investments. Valte, in an interview by Radyo ng Bayan on Sunday, said they expect Aquino and Lee to discuss subjects that are of common interest to the Philippines and Korea like the tourism and infrastructure industries, as well as the deepening of ties between the two countries. At least 21percent of foreign tourists in the country are Korean. An estimated 740,000 Koreans visited the Philippines in 2010. Foreign Affairs spokesperson Raul Hernandez said Lee, during his visit to the country, would also offer a wreath at the statue of Philippine National Hero Jose Rizal at the Luneta Park, attend the Philippine-Republic of Korea Business Forum and a town hall meeting at the Ateneo de Manila University. Lee, who arrived around 1:30 p.m. Sunday, will leave on Tuesday morning. Prior to his visit to Manila, Lee attended the Association of Southeast Asian Nation (ASEAN) meeting in Bali in Indonesia with Aquino. — KBK, GMA News