S. Korean firms eye partners in PH

At least 25 South Korean companies are exploring possible partnerships with local businesses for investments in the telecommunications and logistics industries.

These same companies, according to Trade Undersecretary Ponciano C. Manalo Jr., are also interested in exploring investment potentials in food processing, electronics, auto parts, construction and allied manufacturing activities.

Manalo did not give specific investment figures, saying talks between the South Korean firms and the potential partners were still in the exploratory stage.

The 25 companies that have expressed interest in doing business in the country are part of the delegation sent by the Korea Importers Association (Koima), South Korea’s largest association of importers.

Koima is composed of more than 8,000 importers, serving Korea’s end-user principals, manufacturers and processors, distributors and retailers, as well as government procurement agencies.

Manalo said there were about 120 companies represented in Koima’s delegation, which would be in the country up to July 20.

The visit is expected to further strengthen economic ties between the Philippines and South Korea.

Koima’s visit was initially meant to be a buying mission, as the group looks for new areas to cover its importation requirements.

Members of this group import a wide range of products including agricultural produce, food, industrial products and consumer goods.

The group chose the Philippines over Thailand and Myanmar as its destination this year.

Koima handles 70 percent of Korea’s total imports, which reached $519 billion in 2012.

As of the first quarter this year, total foreign investments approved by seven investment promotion agencies surged by 86.7 percent to P34.6 billion from P18.5 billion a year ago.

Government data showed that accommodation and food service activities accounted for P19.5 billion, or 56.5 percent of the total amount. The manufacturing sector came in second with P7.6 billion, followed by real estate with P2.7 billion.