DTI to host South Korean importers' buying mission

The Department of Trade and Industry will host a buying mission of South Korean importers from Wednesday to Saturday as part of efforts to boost commercial and tourism ties between the Philippines and South Korea.

DTI Undersecretary Ponciano Manalo Jr. said the visit involves business and tourism programs, which are jointly arranged by the DTI and the Department of Tourism.

“We view the delegation’s visit as an opportunity to further improve our economic relations with South Korea. We also look at it as support to our efforts in raising awareness about the Philippines' supply capabilities and sustaining the current momentum of tourism interest among Koreans,” Manalo said.

Organized by the DTI are a trade and investment seminar, a matching session between Korean and Filipino businessmen, and a networking dinner.

For its part, the DOT will take the delegates on a tour of a plantation resort.

Korean mission

The DTI said the 182-member Korean mission includes CEOs and senior officers of the Korea Importer’s Association (KOIMA).

KOIMA handles 70 percent of South Korea’s total imports, which reached $519 billion in 2012. It has more than 8,000 importers serving Korea’s end-user principals, manufacturers and processors, distributors and retailers, as well as the government’s procurement agencies.

Its importation requirements cover a wide range of products and include agricultural produce, food and industrial products, the DTI said.

KOIMA said its buying mission is one of the major activities of the association backed by their Ministry of Knowledge and Economy, and the Ministry of Foreign Affairs and Trade.

“This year, the Philippines was selected over Thailand and Myanmar as the country to be visited by KOIMA’s summer buying mission,” Manalo said.

PHL-S. Korea trade

According to data from the Bureau of Export Trade Promotion (BETP), the Philippines’ trade with Korea has been growing at the rate of 9.53 percent from $5.5 billion in 2007 to US$7.4 billion in 2012.

Philippine exports to South Korea increased by 27.93 percent from $2.2 billion in 2011 to $2.9 billion in 2012, making South Korea the sixth top export market. Philippine imports likewise increased, by 1.19 percent from $4.4 billion in 2011 to $4.5 billion in 2012, making South Korea the fifth largest import source of the Philippines.

The Philippines has a regional free trade agreement with Korea through the ASEAN-Korea (FTA).

“While we have already lined up a number of local companies, we are still open for more participants from the business community to join us in the business matching session between Philippine companies and the KOIMA,” BETP Director Senen Perlada said.— BM, GMA News