Local group inks deal to boost trade with S. Korea
The Philippine Chamber of Commerce and Industry (PCCI) has signed an accord with the Korea Importers Association (Koima) in a bid to further expand trade between the Philippines and South Korea.
In a statement posted on its website, the PCCI explained that the memorandum of agreement it signed with South Korea’s biggest association of importers would allow the two countries to explore more business opportunities and realize further cooperation, with the two organizations taking the lead in trade promotion activities.
The MOA was signed last month, when Koima brought to the country its biggest delegation to date—about 180 chief executives and senior officers from its member companies—for a trade mission.
Initially, Koima’s visit was meant to be a buying mission, as the group was looking for new markets to cover its importation requirements, which included a wide range of products from agricultural to industrial. But the Koima delegation also looked at possible partnerships with local firms and investment potentials in food processing, telecommunication, logistics, electronics, auto parts, construction and allied manufacturing activities.
At least 25 South Korean firms have expressed firm interests in these sectors.
Koima is made up of more than 8,000 importers, serving Korea’s end-user principals, manufacturers and processors, distributors and retailers as well as government procurement agencies. It handles 70 percent of South Korea’s total imports, which reached $519 billion in 2012.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94