Korean firms eye PH food products
Seven Korean food companies are interested in Philippine food products like sauces and condiments and coconut products.
The Korean food companies are FF Corporation, Bar Kor, Jinsung FM, Naesung Enterprise Co. Ltd., Nature Food, ILSHINNAPU, and CJ Cheiljedang, Korea’s biggest fruit company.
The Department of Trade and Industry-Export Marketing Bureau (DTI-EMB), together with Philippine Trade and Investment Center-Seoul, Department of Tourism (DOT), and the ASEAN-Korea Center, held a business matching activity between local food entities and major companies from South Korea in conjunction with the Madrid Fusion Manila 2016.
About 20 Philippine food companies participated in the event and 120 Philippine food exporters discussed possible sourcing of products and exploring business opportunities through direct supply, distribution, partnership, or joint venture agreements with the Korean delegates.
The business matching activity generated 118 business meetings from 59 exporting companies and total potential sales of $195 million.
Lee Dong Go, Deputy Head of the ASEAN Korea Center and head of the Korean delegation, said Philippine food products have a high potential in securing competitive advantage in the global market.
The Filipino food featured during the event included 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.
South Korea is the seventh biggest business partner of the Philippines with a total trade of $6.8 billion in 2015.
It is also the Philippines’ seventh largest export market with total exports of $2.5 billion in 2015.