PH sees more European investments

MANILA, Philippines–The Philippines has secured solid leads for fresh investments from European countries following a successful road show conducted by trade officials over the past weeks.

Trade Undersecretary Ponciano C. Manalo Jr. disclosed that they had “very good roads-how presentations and attendance in Frankfurt, Stockholm and Oslo. [We were] able to secure solid leads for European investments in the near future.”

Trade Secretary Gregory L. Domingo also held bilateral meetings in Sweden while good prospects were also seen in the area of aerospace development, Manalo added.

The road show was part of the Department of Trade and Industry’s overall strategy to further strengthen the country’s trade and investment ties with European countries. The Philippines, according to trade officials, was making further headway in its Europe strategy with the scheduled signing of the Joint Declaration on Cooperation (JDC) between the Philippines and the European Free Trade Association (Efta).

The signing is expected to pave the way for a possible free-trade agreement negotiation between the two parties.

“Pursuing a strategic partnership with Efta is one of the country’s priority trade engagements. Potential exports to Efta could include products which we are already exporting to the European Union (EU). We are also an ideal processing hub for food exporters like Iceland and Norway,” said Cristobal, who will be flying to Iceland this week.

The JDC seeks to expand trade relations through exchange of views and cooperation in the areas of technical barriers to trade, sanitary and phytosanitary measures, trade facilitation, intellectual property rights, public procurement, competition and trade and sustainable development. It also aims to promote private sector cooperation and encourage business contacts. The JDC likewise provides for the establishment of a joint committee allowing the parties to review the areas for cooperation and discuss other issues of mutual interest.

“The JDC is key to identifying areas where we can complement Efta’s industries with our own areas of strengths and to replicate the model in various applicable sectors. Building on the potential exports to Efta based on Philippine exports to EU could address concerns on the geographical distance of the market while investments in food processing, shipping and the maritime sectors are also areas to explore,” Cristobal added.–Amy R. Remo