Seoul, South Korea. The Philippine Embassy in Seoul reported to the Department that Chairman Shinn Tae-yong of Korea Importers Association (KOIMA) accepted the Philippine offer to host the 2013 summer purchasing mission of KOIMA to the Philippines. In a meeting with Philippine Ambassador Luis Cruz, Chairman Shinn said that the Association will send 200 KOIMA members and their spouses to the Philippines on 17-20 July 2013 to meet with their Filipino counterparts. The Philippine offer was chosen over three other country bids, as the Philippines offered the most favorable hospitality arrangements, in addition to the improving economic conditions in the country.

The purchasing mission will be jointly hosted by the Department of Trade and Industry and the Department of Tourism. Activities will include a trade and investment seminar, matching session between Korean and Filipino businessmen, visits to industrial sites and trips to tourist attractions.

KOIMA has more than 80,000 members and handles 70 per cent of Korea’s total imports, which reached US$519 billion in 2012. Members include manufacturers, distributors and retailers of a broad spectrum of products, principally raw materials, capital goods, consumer goods, new technologies.

Bilateral trade between the Philippines and South Korea was registered at US$11.5 billion in 2012.

In two other related developments, the Embassy reported that another 32-member Korean buying mission will attend the International Food Expo (IFEX 2013) to be held at SMX Convention Center, Pasay City. The Korean delegation will stay from 14 to 18 May 2013 and will enter into business arrangements with Filipino exhibitors. They will also conduct seminars on ASEAN-Korea FTA and on import pattern and sourcing procedures of selected Korean companies. Their itinerary will also include visits to industrial sites. The Korean delegation will include top food retailers such as E-mart, Shinsegae Food, Cheil Jedang, Our Home and Doosan Corporation. The trade mission is jointly sponsored by the Center for International Trade, Expositions and Missions (CITEM), Bureau of Export Trade Promotion (BETP) and ASEAN-Korea Center.

The other investment promotion event will be the hosting by the Philippine Embassy in Seoul - through the Philippine Trade and Investment Center and the ASEAN-Korea Center - of the 2013 Philippine Investment Seminar. It will be held in the cities of Seoul and Ansan on 4-9 May 2013. Around 200 representatives of Korean companies are expected to attend the two events. The country and industry presentations will be delivered by PEZA Director General Lilia de Lima. She will be joined by Mr. Danilo Lachica, President of the Semi-Conductor and Electronics Industry Association of the Philippines; Mr. Ferdinand Raquelsantos, President of the Motor Vehicle Parts Manufacturing Association of the Philippines; Mr. Hee Joon Lee, President of Daeduck Philippines; and Ms. Angelita Cayas, Director, Investment Promotions Department, Board of Investments.

Korean investments to the Philippines reached US$931.8 million in 2012, the second highest among the ten Southeast Asian countries, and ninth in the world, according to the statistics provided by Korea Eximbank.