Korean firms scouting for local partners

MANILA, Philippines - Five companies from the South Korean province of Chungnam are looking for local firms interested to become buyers or distributors of their products here, the Korea Trade-Investment Promotion Agency (KOTRA) said.

In a published notice, KOTRA said a trade mission from Chungnam would visit the country on Sept. 16 to meet with interested Filipino buyers or distributors at the Intercontinental Hotel in Makati.

The companies joining the trade mission organized by KOTRA are Daesung Metal Printing (metal sheets for canning industries); Dong Yang E&P (wall paper and natural cosmetics); FN Bio Co. Ltd. (multi-vitamins and energy drink); Hi Worth (non-electric cutter for metals); and Juhan Bio Cell (gel nail polish and related nail applications).

KOTRA, which serves as the commercial arm of the Korean embassy in the Philippines, regularly organizes trade missions to help South Korean firms explore business opportunities.

In July, the KOTRA organized a trade mission composed of nine companies from the South Korean province Gyeongsangbuk-do.

Kwon Jin-Chul, Gyeongsangbuk-do’s division of international relations and trade head said in an interview that  many Korean firms see a growing market in the Philippines.

The upcoming trade mission is expected to strengthen the existing economic relations between South Korea and the Philippines.

In 2012, South Korea was the Philippines’ sixth biggest market for its exports.

Philippine shipments to South Korea reached $2.9 billion last year, up 28 percent from $2.2 billion in 2011.

South Korea was the Philippines’ fifth largest source of imports last year, with the value of overseas purchases posting a slight increase to $4.5 billion from $4.4 billion in 2011.