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.