Swiss firms to check investment prospects in PH

A high-level government delegation from Switzerland, along with a number of Swiss companies, is set to arrive in the country on July 14, to explore potential economic cooperation projects that could boost trade and investment ties between the two countries.

Trade Undersecretary Adrian S. Cristobal Jr. said in an interview with reporters last week that the Philippines would host next week the inaugural meeting of the Joint Economic Commission, through which both the Philippines and Switzerland would be able to discuss their bilateral trade relations.

“On the investment side, we will discuss possible opportunities where the Swiss can invest in such areas as business process outsourcing (BPO), manufacturing, waste management, green technology, renewable energy and organic farming,” Cristobal said.

“On the trade side, we will see if we can promote our food products, furniture, coconut products, and costume jewelry,” he added.

The trade official added that the Department of Trade and Industry would also organize the Philippine-Switzerland business forum to coincide with the Joint Economic Commission meeting.

Cristobal noted that the establishment of the Joint Economic Commission (JEC) was an offshoot of the visit of Swiss State Secretary for Economic Affairs Marie-Gabrielle Ineichen-Fleisch to the country last year, during which she  signed a memorandum of understanding with Trade Secretary Gregory L. Domingo.

The JEC was meant to provide an institutional framework for regular exchanges between officials and private sector representatives from both sides.

Fleisch earlier explained that the move was part of the Swiss government’s efforts to diversify its export and investment destinations amid the economic difficulties faced by Europe.

At the same time, opening up its trade within the Asia Pacific region will help Switzerland improve economic and trade relations with countries like the Philippines.

She also pointed out last year that one of the main objectives of her visit to the Philippines was to explore the possibility of launching a negotiation process for a bilateral FTA with the four member-states of the European Free Trade Area, namely Switzerland, Norway, Liechtenstein and Iceland.