BOI eyeing new round of investments from Taiwan
MANILA, Philippines -The Board of Investments (BOI) on Friday said it was looking at a fresh round of investments from Taiwan, drawing optimism from the trade mission concluded earlier this month.
The BOI, the lead investment promotion agency of the Department of Trade and Industry (DTI), said it held an investment briefing last March 6 for a Taiwanese business delegation, a party of 10 companies interested in growing their manufacturing, trading and logistics business.
The attached agency of the DTI said the manufacturing firms were engaged in the production of a wide range of products, which include screws, aluminum extrusion products and steel products.
“The Philippines has much to offer to Taiwanese companies. The Philippine economy has shown strong growth momentum, evident in our improved economic performance in 2022,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
“Moreover, we are home to a highly skilled and innovation-ready workforce who can successfully and efficiently drive your company’s operations. The Philippine government also continues to improve its business climate through game-changing laws,” he added.
Aside from Taiwan, the Philippine trade official said they are also seeing strong interest from Japan and South Korea, citing in particular the renewable energy sector.
“We are near the equator which is ideal for solar projects; our many islands are the perfect destination for offshore wind and tidal energy projects,” Rodolfo said.
“We also have an abundance of green minerals such as nickel, cobalt and copper, which are key to going into cleaner energy applications such as renewable energy, electric vehicles and battery technologies,” he added.
The DTI said Taiwan was the country’s 10th biggest investment partner with total approved investments of P2.12 billion in the last two years.
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