The Philippine Economic Zone Authority (Peza) is embarking on another European roadshow in November this year to woo prospective investors anew to tap potential trade and investment opportunities in an emerging economy like the Philippines.
Peza Director General Lilia de Lima said the roadshow would cover several countries in northern and central Europe, including Germany, where they hope to entice more foreign investors to invest primarily in the country’s IT and manufacturing industries.
A report from the Department of Trade and Industry’s foreign trade office in Germany showed that the Peza mission would be in Stuttgart, Germany, to present the country’s business proposition during a Philippine business day. Following that, Peza is expected to conduct business missions in Belgium, Denmark, France, Sweden and the United Kingdom.
The DTI and the country’s investment promotion agencies have been aggressively marketing the Philippines as an ideal investment destination and as potential hub or base for foreign companies wanting to capitalize on the opportunities presented by the Asean economic integration.
As it is, the Philippines is reportedly in a sweet spot as it is no longer difficult to promote the country, given critical developments that saw banner GDP growths over the past quarters and investment-grade ratings from global agencies. Add to that the country’s huge population and the availability of a young, skilled and English-speaking workforce.
For this year, the DTI expects the country’s net foreign direct investments (FDIs) to grow by as much as 20 percent from the $3.9 billion posted last year as the Philippines continues to gain momentum globally with its strong economy and good governance measures.
Also driving this growth would be the increasing competitiveness situation of the Philippines and the increasing capability of the local workforce.
This heightened investor interest is evident particularly in the local manufacturing sector, which grew by 10 percent last year. The resurgence in manufacturing and continued fast growth of the service sector, specifically the IT-BPM (IT-business process management) sector, are seen to push the growth in net FDIs this year. Amy R. Remo