Seven Korean firms keen on sourcing Philippine products

CEBU, Philippines - Seven Korean food companies have expressed interest in sourcing food products from the Philippines, this after a business matching activity was held between local food entities and major companies from South Korea at the SMX Convention Center.

The activity, which was in conjunction with the Madrid Fusion Manila 2016, was spearheaded by the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB), together with Philippine Trade and Investment Center-Seoul, Department of Tourism (DOT), and the ASEAN-Korea Center.

The Korean firms were FF Corporation, Bar Kor, Jinsung FM, Naesung Enterprise Co. Ltd., Nature Food, ILSHINNAPU, and Korea’s biggest fruit company, CJ Cheiljedang.

 ASEAN Korea Center deputy head Lee Dong Go, who led the Korean delegation, said “I strongly believe that Philippine food products have a high potential in securing competitive advantage in the global market.”

He added that active collaboration between the Philippines and Korea in activities like this is a reflection of the strong economic ties between the two countries.

The regional offices of DTI gathered around 20 food companies from across the country to participate in the business matching activity. A total of 120 Philippine food exporters were able to discuss possible sourcing of products and explore business opportunities through direct supply, distribution, partnership, or joint venture agreements with the Korean delegates.

Local food and beverage export products featured in the event included sauces and condiments of Mama Sita’s, pure sap coco sugar from Cocoro, coffee from Bote Central Inc., calamansi products from nuBlends corporation, peking duck from Maharlika Agro-marine ventures corp, snack food from Universal Robina Corp., baked products from Magic Melt, confectioneries from Monde Nissin, natural sweetener from Suchero, coconut oil from Minola, coco water and coco products from VCO Philippines among others.

The event also featured a seminar on global competitiveness of Philippine food products. The seminar highlighted discussions on business sourcing, packaging technology and gourmet food were presented by respective speakers from South Korea.

In a press statement, Senen M. Perlada, director of Export Marketing Bureau (EMB), said, "The DTI-EMB and the AKC are in full support of this activity to leverage on the benefits under the ASEAN trade agreement and promote further trade relationships with South Korea as one of our major trading partners."

He also welcomed the South Korean Delegation emphasizing the contribution of the ASEAN-Korea Center in aiding Philippine exporters in accessing the Korean food market.

The business matching activity generated a total of 118 business meetings from 59 exporting companies and total potential sales of $195 million, DTI reported.

 South Korea is the seventh top business partner of the Philippines with a total trade of $6.8 billion in 2015, ranked top six as an import source valued at $4.3 billion for 2015 and seventh top export destination with total exports for the same period at $2.5 billion. — (with reports from www.dti.gov.ph) (FREEMAN)