Ministry of Trade and KOTRA Hold 'Han-Philippine Business Partnership'

On the 7th, linked to the visit in Manila, Philippines

The "Korea-Philippines Business Partnership," hosted by the Ministry of Trade, Industry and Energy and organized by KOTRA, was held in Manila, Philippines. This event was arranged to strengthen business cooperation between the two countries in line with the official visit.

According to KOTRA on the 8th, 20 Korean companies participated in the business partnership, including ▲6 consumer goods companies ▲6 future industry companies ▲2 machinery, equipment, and parts companies ▲1 energy company ▲2 electrical and electronics companies ▲3 import companies. Through trade and investment consultations, Korean and Philippine companies discussed future transactions and sought cooperation opportunities.

The Ministry of Trade, Industry and Energy and KOTRA held the "Korea-Philippines Business Partnership" on the 7th in Manila, Philippines. Twenty Korean companies participating in this event and their local Philippine partners discussed future transactions and explored cooperation opportunities through trade and investment consultations.
[Photo by KOTRA]

According to IMF statistics, the Philippines surpassed a per capita GDP of $4,000 for the first time this year. As consumer purchasing power improves, major consumption patterns within the Philippines are also changing. In particular, with the growth of the middle class, the healthcare, digital services, and e-commerce sectors are rapidly expanding.

During this event, a total of 109 trade and investment consultations were conducted, and 6 on-site contracts were signed. The total contract value was recorded at $5.85 million. KOTRA signed a memorandum of understanding with the Philippine Board of Investments (BOI) to share information on Korea-Philippines projects and investment companies and to strengthen inter-agency cooperation. Additionally, KOTRA provided customized consulting opportunities for each company by collaborating with local logistics firms in the Philippines to offer logistics and legal information.

Lee Ji-hyung, Head of KOTRA’s Economic and Trade Cooperation Division, said, "The event was very vibrant, with 64 Philippine partner companies participating and 109 consultations conducted on-site," adding, "We will continue to create opportunities for Korea and the Philippines to sustain economic cooperation from a long-term perspective."