Italian firms seek to invest in PH

An Italian business delegation is in search for business opportunities here in the Philippines, such as improving the country’s agriculture industry by upgrading the Philippines’ rice storage system.

Manlio di Stefano, undersecretary of State for Foreign Affairs of Italy, told reporters Thursday he recently came here with “more than 10 companies.” He said a business matchmaking event was being planned.

“The Philippines is one of the biggest producers in the world of rice and wheat, but the storage is not innovative. It’s not up to date. So they can offer some solution for that,” he said, referring to one of the companies in the delegation.

Two companies were named: Intesa Sanpaolo, one of the biggest banks in Italy; and Bedeschi, which offers a slew of products catering to industries such as bulk materials handling and mining.

In a statement, the Italian Embassy said the visit marked the 72nd year of diplomatic relations with the Philippines.

Italian exports to the Philippines in 2018 equated to nearly 662.5 million euros, mostly on machinery, electronics, food, and leather goods. Imports from the Philippines equaled to 255.55 million euros, mainly on food, clothing and electronics.

“Under the Duterte administration, Italy sees Manila to hold incredible amounts of untapped potential in terms of infrastructure projects, machinery, beverages, pharmaceuticals and in the automotive industry,” the statement read.