South Korean companies are investing in aluminum foil production, food processing in the country, as well as partnerships in the telecommunications sector.
Representing a Korean trade delegation now in the Philippines, Hanshinn Investments Corp. Chairman and CEO Thomas Shinn said Korean companies are looking into investing and importing more from the country.
“We are looking on what we can buy from the Philippines. [Local] exporting companies should inform and tell us what they should export,” Shinn said.
“This time, the trade delegation is more on importing [from the Philippines], but we also look at investing…we also look at making products [manufacturing]here in the Philippines and taking it to Korea and other Asean [Association of Southeast Asian Nations] countries,” he added.
Shinn said the Korean traders are keen on importing more local garments and mining produce because Korea “does not have much mineral resources.”
He also said a tie up is in the works between a telecommunications firm in Korea and local telecommunications companies but refused to go into details.
“I’ve talked to secretary today [Trade and Industry Secretary Gregory Domingo]. If we found a good partner, then it will be a big investment. [The Korean company] wants to have a joint venture with big Philippine telecom companies,” Shinn said.
Shinn said some of their companies are interested in aluminum foil production in the Philippines, mostly in packaging of food and other products, as well as putting up food processing plants.
“There are no manufacturing firms in the Philippines making aluminum foil [for food packaging]. The Philippines imports 100 percent from Korea, China and other nations…If somebody will only produce here, it will be a big industry as well,” he said.
Last year, South Korea imported a total of $3.2 billion worth of Philippine goods, mostly agricultural products like fish and vegetables.
In comparison, Korean exports to the Philippines totalled $4.9 billion in 2012.
KRISTYN NIKA LAZO