PCCI, KOIMA to promote trade between Phl, Korea

MANILA, Philippines - Business group Philippine Chamber of Commerce and Industry (PCCI) has  signed an agreement with a Korean trade association to undertake  activities that will promote greater trade between the two countries.   

The PCCI has signed a memorandum of agreement with  the Korea Importers Association (KOIMA) to focus on programs that would  expand trade between the Philippines and Korea.   

“The agreement with KOIMA will not only focus on exchange of information, but also involve us (PCCI) providing assistance to Korean executives when they visit, if they have inquiries, intend to have  networking activities and look at business opportunities (here),” PCCI  president Miguel Varela said in a telephone interview.    He said the PCCI could link Korean firms to its members to explore business opportunities.   

The PCCI could also refer Korean firms to the Department of Trade and  Industry for their other concerns.  “They (KOIMA) assured us that when we go there, they will also assist  us,” Varela said.   

Established in 1970, KOIMA is composed of more than 8,000 importers  which serve Korean manufacturers, processors, distributors, retailers  and government procurement agencies.   

The group accounts for 70 percent of Korea’s total imports.   

KOIMA’s purchases from overseas cover a wide range of products such as agricultural produce, food, industrial goods and consumer items.    Last month, the KOIMA sent a 182-member delegation to the country with  the intention of sourcing raw materials. For the full-year 2012, Korea was the Philippines’ sixth biggest  market for its exports.   

Philippine shipments to Korea reached $2.9 billion last year, up 28  percent from $2.2 billion in 2011.   

Korea was also the Philippines’ fifth largest source of imports last year, with the value of overseas purchases posting a slight increase  to reach $4.5 billion from $4.4 billion in 2011.   

The PCCI is establishing partnerships with business groups from different parts of the world and setting up business councils, in  to assist foreign firms interested to enter the Philippine market as well as its member companies with plans to expand overseas.   

Varela said the PCCI currently has 35 business councils all over the world.