More British firms are expected to flock to the country this year to tap new opportunities and firm up investments in the Philippines, which has been identified by the UK Trade and Investment (UKTI) in Manila as one of the world’s “high growth markets.”
In an interview with the Inquirer, UKTI director Iain Mansfield explained that companies that participated in previous trade and investment missions were either already in the Philippines or are firming up partnership agreements with local firms.
Meanwhile, 10 to 12 trade and investment missions from the United Kingdom are expected to come to the country this year, up from the six missions in 2013.
“The Philippines is a high growth market. It posted the highest growth in the Asean (Association of Southeast Asian Nations) last year. With growth slowing down in other countries and picking up in the Philippines, some of the British firms based in Singapore, for example, are thinking that it’s time to start doing business in the Philippines as well,” Mansfield explained.
Companies that have firmed up investments and agreements with local firms include Citra, which manufactures advanced sensing equipment for use in the oil and gas and hydroelectric sectors.
Another British firm interested in the Philippines is JCB, which manufactures heavy equipment for construction and demolition.
“There are other companies—those in the energy sector and the medical field—that are currently in the final stages of concluding agreements or finding local partners. We think in the next month or two, we’ll have a few more successes coming out of those trade missions,” Mansfield said.