Six to 10 British companies will be in the Philippines next month to tap investment opportunities in the energy and oil-and-gas sectors in the country, according to the UK Trade and Investment in Manila.
UKTI director Iain Mansfield said in an interview that the arriving business delegation would be led by newly appointed trade envoy to the Philippines, George Freeman, who was appointed this year by the British prime minister to strengthen trade and investment links between the United Kingdom and the Philippines.
“We are expecting six to 10 companies in a variety of energy sectors. The mission delegates will be attending the Power and Electricity World Philippines 2014 and the Off-grid Renewable Conference taking place in Manila at that time, as well as seeking a range of meetings with local businesses and government officials,” Mansfield explained.
“We expect the companies to be interested in exports, investment and partnerships. The continued positive developments in the Philippine economy, combined with the high demand for energy and power driven by increasing growth, make the Philippines a highly attractive country for businesses in the energy and power sector,” he further said.
According to the UKTI, the Philippines is one of the fastest-growing economies in Asia and also fast becoming an attractive trade and investment destination for power-related projects. It was estimated that £10.4 billion in fresh investments would be needed between 2013 and 2016 to enable the rollout of critical infrastructure projects and various programs to ensure national energy security.
Meanwhile, Mansfield also disclosed that they expected two to four more business missions from the United Kingdom to arrive within the second half of the year.
“We are planning two missions in September, one focused on the airport and rail supply chains and one seeking opportunities with the Asian Development Bank. The Philippines British Business Council and the British Chamber of Commerce are both considering bringing out cross-sectoral trade missions,” Mansfield said.
“In January 2015, our trade envoy, Freeman, will be returning to lead a mission focused on the health care and life-sciences sector,” he added.
The Philippines is being viewed as a potential regional base from which British brands can have strategic access to the Asean region, especially once the economies of the bloc’s 10 member-states have been integrated under the Asean Economic Community.