Alfredo Pascual
MANILA -A Philippine trade mission that recently concluded a nearly three-week tour of Europe has generated more than P73 billion in business leads, promising another wave of investments across several industries, including the renewable energy and information technology and business process management (IT-BPM) sectors.
Trade Secretary Alfredo Pascual on Monday said these were the results of the trade mission that kicked off on June 19 and concluded on July 6, covering several European countries including France, Belgium, Netherlands, Germany and the United Kingdom.
“Our expectation is that within the next five years, a number of these, if not all, will come to fruition,” Pascual told reporters when asked for the timetable for these potential business ventures.
Information provided by Pascual’s office show that these potential leads will generate 4,350 new jobs and will comprise 16 projects—six involving renewable energy, two in manufacturing, another six in IT-BPM, and two more in infrastructure.
Thirty more potential projects are being looked into but the appraisal of their investment values had not yet been concluded, he said.
“I must say that we succeeded in promoting the Philippines as an ideal investment destination for European companies based on the Philippines’ strategic geographic location in the East and Southeast Asian region, its rich natural resources for renewables and green metal processing, its large population, and its young dynamic and skilled workforce,” Pascual said in his speech during the government agency’s flag raising ceremony.
“European countries are significant contributors to foreign direct investment in the Philippines. Indeed, in 2021 and 2022, the EU stood out as one of our most important foreign investment partners, with total investments reaching around 836 million euros ($915.5 million if 1 euro = $1.0951),” he added.
The EU is also the Philippines’ fourth largest trading partner by regional bloc, with trade in goods between the two totaling €15.2 billion ($16.6 billion) in 2021, according to the European Commission. INQ
-CSN
READ:
Romualdez: EU sees PH as attractive investment destination
French firms wooed to invest in the Philippines