9 Korean firms looking for local partners

MANILA, Philippines - Nine companies from Gyeongsangbuk-do, South Korea are in the country to look for partners who will distribute their products in the Philippines.

Kwon Jin-Chul, Gyeongsangbuk-do’s Division of International Relations and trade head, said in an interview yesterday the Korean companies that are part of the trade mission intend to sell their products in the Philippines through local distributors.

“The Korean firms are interested in exporting their products here because they think their products are suitable for Philippine demands,” he said.

The companies joining the trade mission are: Ducos Co. Ltd. (cosmetics); M-K Food Valley (Korean herbal fruit beverage and cosmetics); Luce Co. Ltd. (LED bulb or tube lamp for indoor and outdoor use); GMIN Co. Ltd. (smartphone dock); G.C.S. Inc. (auto air conditioner compressor); SDTec Co. Ltd. (vacuum pump); Unichem Co. Ltd. (auto chemicals); Lubchem Korea Co. Ltd. (lubricant) and Feroof Co. Ltd. (coated metal).

Kwon said the trade mission was conducted to give more Korean firms a chance to explore opportunities here.

The visit of the Korean companies here is likewise expected to help expand the existing trade relations between the Philippines and South Korea.

The trade mission was organized by the Gyeongsangbuk-do government with the Korea Trade Investment Promotion Agency.

Last week, a 182-member delegation from the Korea Importers Association (KOIMA) was in the country to source raw materials for its products.

KOIMA chairman Thomas T.Y. Shinn said during the trade mission their members want to source raw materials from the Philippines.

Shinn said their members are not only interested in importing raw materials from the Philippines, but also in investing in the country, hiring people, as well as making products that they could bring back to Korea or export to other countries in Southeast Asia.

He said many Korean companies are interested in doing business in the Philippines given its skilled and dynamic workforce.