MANILA – Seven South Korea companies are keen on importing Philippine food products following a a business matching activity of the Export Marketing Bureau (EMB) and ASEAN-Korea Center (AKC), the Department of Trade and Industry (DTI) said Friday.
According to DTI, Korean food firms interested to import Philippine food products include FF Corporation, Bar Kor, Jinsung FM, Naesung Enterprise Co. Ltd., Nature Food, ILSHINNAPU, and Korea’s biggest fruit company CJ Cheiljedang.
“I strongly believe that the Philippine food products have a high potential in securing competitive advantage in the global market,” said AKC Deputy Head Lee Dong Go.
The business matching session between Filipino and Korean firms also showcased local products which could compete in the offshore market.
Some 20 companies and 120 food exporters joined the event in order to explore opportunities in other markets.
Featured during the event were different Philippine food and beverage export products including 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 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,” EMB Director Senen M. Perlada said.
The business matching activity likewise generated a total of 118 business meetings from 59 exporting companies and total potential sales of USD 195 million.
Bilateral trade between the Philippines and South Korea amounted to USD6.8 billion in 2015, making the East Asian nation as the country’s seventh largest trading partner.
In the same year, South Korea was also the country’s top six import source with receipts of USD4.3 billion and top seven export destination with exports revenues amounting to USD2.5 billion.