Representatives of three Swedish trade organizations, Swedish Import Council, Stockholm Chamber of Commerce and Industry, and Open Trade Gate Sweden (equivalent to National Trade Board) led by Swiss Deputy Head of Mission in the Philippines Ulf Walden paid a courtesy call on Favila on Thursday.

"I told them we welcome investments in mining and they readily said they would send a mining mission next month to look into the mining sector," Favila said.

"They are strong in iron and ore," added Favila noting this is the first EU mining interest since he came into the DTI and the first Swiss trade mission in Asia.

Initially, Favila said, the visiting Swiss trade groups were here to promote trade but are identifying Philippine products for their consumption. The groups have proposed that Philippine exports to Swiss processed food, gifts and housewares, and fashion accessories.

Favila said he was also exploring whether there is a market for Philippines herbal-based pharmaceutical products. The mission then expressed interest in the Philippine calamansi.

They have already visited the ongoing Manila FAME exhibition where they expressed interest in the European designed home furnishings. They also held a meeting with Century Canning, a company that is producing canned tuna.

According to Favila, Sweden’s biggest market in the region is China but they want to diversify into other countries in Asia.

"Principally, they came here to meet and brief Filipino exporters on how to break into the Swedish market," he added.

Data showed that bilateral trade between Philippines and Sweden has been growing at a slow pace of 0.52 percent annually over the last five years with the trade balance heavily tilting in favor of Sweden.

Last year, two-way trade reached $155.057 million of which the Philippines imported $141.858 million dollars as against Swedish imports from the Philippines of $13.199 million.