Korean firm looking for Filipino partner for aluminum foil factory

A Korean company that has been exporting to and importing from the Philippines is looking for a Filipino partner to start an aluminum foil manufacturing business in the country.

In a statement, the Department of Trade and Industry (DTI) said Thoma T.Y. Shinn, who chairs the Korea Importers' Association (KOIMA), noted the absence of an aluminum foil manufacturer in the Philippines despite the popular use of the packaging material, which the country imports.

“If we can find a partner here, it will be a big investment. Aluminum is very important because the packaging industry is important in the Philippines. If somebody will produce here, it will be a good industry,” the DTI quoted Shinn, who owns Hanshinn International Corp, as saying.

Hanshinn has been exporting to and importing products from the Philippines over the last 10 years, supplying mold for PET (or polyethylene terephthalate) bottles used for mineral water, medicine bottles, and known brands like Gatorade and Eskinol.

The company also supplies tin plates, and imports agricultural products from the Philippines.

Shinn was part of a 182-strong KOIMA delegation that visited the Philippines last week to look for business opportunities.

“Our delegation will not only import from the Philippines but also invest in the country, hire people, make the produce here and bring it back to Korea or export to Asean countries,” the DTI quoted Shinn as saying.

KOIMA, which handled 70 percent of Korea's imports worth US$519 billion last year, groups 8,000 importers supplying that country's end-user principals, manufacturers and processors, distributors and retailers, and the government’s procurement agencies.

“We want to increase our import value from the Philippines. Most of our exports are agricultural products. We intend to expand in agriculture, garments and mining products,” Shinn said.