The latest business matching activities initiated by the Department of Trade and Industry (DTI) generated $195 million worth of potential sales of Filipino food products to South Korea
There were 118 business meetings between Korean food companies and Filipino food makers that were organized by the Export Marketing Bureau (EMB), with a view to matching buyers and sellers.
The bureau noted seven Korean food companies were keen on sourcing from products from the Philippines. These companies are FF Corp., Bar Kor, Jinsung FM, Naesung Enterprise Co. Ltd., Nature Food, ILSHINNAPU, and Korea’s biggest fruit company, CJ Cheiljedang.
In conjunction with the Madrid Fusion Manila 2016, the event co-hosted by the DTI-EMB, Philippine Trade and Investment Center-Seoul, Department of Tourism (DOT), and Asean-Korea Center (AKC).
Lee Dong Go, deputy head of the AKC, said the Philippine-Korean collaboration was a reflection of the strong economic ties between the two countries. Lee led the Korean delegation to Manila.
“I strongly believe that the Philippine food products have a high potential in securing competitive advantage in the global market,” Lee noted.
The Philippine food and beverage products featured in the event were the sauces and condiments of Mama Sita’s, pure sap coco sugar from Cocoro, coffee from Bote Central Inc., calamansi products from NuBlends Corp., 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, and coco water and coco products from VCO Philippines.
DTI regional offices assisted 20 food companies outside the capital region to market products during the event. The department was mandated to support, promote, and market local products.
Some 120 Philippine food exporters were able to explore business opportunities through direct supply, distribution, partnership, or joint venture agreements with the Korean delegates.
DTI-EMB Director Senen M. Perlada noted the AKC was helpful in opening the Korean market to Filipino exporters.
“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,” Perlada said.
South Korea is the 7th largest trading partner of the Philippines. Total trade between the two countries totaled $6.8 billion last year.