Korean trade mission sets visit this month

MANILA, Philippines - A trade mission composed of 10 Korean companies is scheduled to visit the country to look at business opportunities here.

The Korea Trade Investment Promotion Agency (KOTRA) said the Korean companies are set to meet with Philippine firms on May 17 at the Intercontinental Hotel in Makati City.

The trade mission is composed of the following firms: AR & G Co. Ltd. (cosmetics); Myungkyung F&D (wellness products); Taepyung Distillers Co. Ltd. (wine); Coschem Co. Ltd. (paints, adhesive and lubricants); Jae Sung Co. Ltd. (adhesive materials); Jinwoo SMC Co. Ltd. (truck mounted platforms and crane); AenK Co., Ltd. (concrete pump trucks); Handok Elevator Co. (elevator lift); Suh Hung Electronic Co. Ltd. (automotive diesel fuel filter); and Jung Ang Steel Co. Ltd. (roof tiles).

The trade mission will present business opportunities for companies.

The trade mission is also seen to help expand existing trade relations between the Philippines and South Korea.

KOTRA, which serves as the commercial arm of the Korean embassy in the Philippines, has said earlier that it hopes to continue to expand trade and economic ties of the two countries.

Data from the ASEAN (Association of Southeast Asian Nations) – Korea Centre showed that since 2006, trade volume between the two countries has risen 1.8 times from $6.1 billion to $10.9 billion in 2011.

Many foreign business companies are visiting the Philippines to scout for opportunities here given the country’s favorable economic conditions.

Last year, the country had 34 in-bound business missions.

An in-bound business mission involves the visit of at least five companies to the country at the same time.

Trade Secretary Gregory Domingo said earlier that given the recent investment credit rating upgrades received by the country, the government expects to beat the number of in-bound business missions seen in 2012 this year.

Last week, Japan Credit Rating Agency Ltd. upgraded the Philippines’ credit rating to investment grade following similar actions made by debt raters Fitch Ratings and Standard & Poor’s Ratings Services.

Japan Credit Rating Agency raised its credit rating for the Philippines to BBB- from BB+.