Korean mission to look at PH

The Korea Trade-Investment Promotion Agency (Kotra) plans to bring a new delegation of prospective South Korean investors seeking to either forge partnerships with local businesses or to set up shop in the Philippines.

On the sidelines of the 2013 Korea Business Night, Kotra director general Jo Hwan Choi disclosed that the target was to gather at least 10 companies and bring their representatives here within the year. The agency is accepting applications from interested Korean firms and has so far received five.

Korean companies, according to Choi, were mostly interested in the manufacturing, electronics, machinery, light, services, retail and wholesale, IT and professional services industries. If the mission pushes through, the participating companies will be shown the various business opportunities in the Philippines and potential locations for their proposed facilities such as the economic zones.

But the decision as to whether or not these interested companies will push through with their investments will largely depend on the country’s business environment. At present, the Philippines is enjoying a favorable image in the global market given its robust economy and high GDP growth.

Many investors are also seeing the Philippines as a strong, emerging economy following the investment-grade ratings given by Moody’s, Standard and Poor’s and Fitch Ratings this year. With the Philippines benefiting from this “positive investment climate,” the country is finding it easier to attract investments and convince investors to look at other potentially viable sectors.