The Management Association of the Philippines (MAP) has been pushing consistently for vital policy reforms to improve the global competitiveness of the Philippines and enable a sustainable business environment for both local and foreign investors.
Leveraging the visit of the Lithuanian business delegation —headed by Foreign Minister Gabrielius Landsbergis and Lithuanian Ambassador to Korea and the Philippines Ričardas Šlepavičius—the MAP International Relations Committee and the MAP Trade, Investments and Tourism Committee bridged two cultures to explore new opportunities, create connections, and cultivate possible business partnerships that will be beneficial to the local private sectors.
With both the Philippines and Lithuania strategically located in Asia and Europe, respectively, it is inevitable to foster a relationship in strengthening both countries’ economic growth, especially through the massive aftermath of the pandemic.
Lithuania, with its open economy and great success particularly derived from their shock-immune industries and strong future technology, makes the country a resilient partner for collaboration in foreign investments in line with the needs of the Philippine market, specifically in health care, energy, technology, manufacturing and telecommunications —in which Lithuania shows expertise. A perfect match.
The Philippines is keen in expanding trade in various sectors and embracing innovation; establishing a strong alignment with Lithuania’s attractive features of smart manufacturing in mechanical and electronics engineering, core startup sectors in fintech, life sciences, cybersecurity, mobility and gaming. The Philippines is also confident with robust natural resources and its deep pool of technical, professional, young, dynamic and highly trainable workforce in which investors can rely on.
Foreign investment approvals continuously increase throughout the years in the Philippines. Vital policy reforms will improve the ease of doing business, making it comfortable for foreign investors to do business in the country. In addition, a competitive and inclusive tax system, and opening up to 100 percent ownership on most of the businesses, including telecommunications, airlines, shipping lines, railways, and logistics facilities, will be an enhanced attraction.
Global solutions
Lithuania calls for co-creating global solutions; aiming to expand their export in Asia, starting with the Philippines’ warm availability to solidify this. Lithuania also boasts their capability of moving the needle swiftly for investors to adapt to challenges they may face and addresses global needs in terms of high-export of goods, such as medical instruments, pharmaceutical and electrical machinery.
The Philippines continuously pursues the enhancement of sustainable renewable energy and Lithuania’s prowess in developing advanced energy solutions will be beneficial for the country. Energy transformation is a crucial factor for the Philippines’ economic expansion and exploring collaborations to accelerate this is much anticipated. On the other hand, the Philippines commits to supply Lithuania with only the best offers and will remain as a key exporter ranging in high-quality electronics.
Lithuania’s competence in digital technology and the Philippines’ fastest-growing digital market status in Southeast Asia can jointly work to further improve e-governance and digital literacy.
With the government’s support, Lithuania transforms their economy through their rich culture and entrepreneurial spirit by an innovative tech core, supported by a user-friendly growth environment and openness for global collaboration focusing not only on energy, ICT, life sciences and smart industry, but also in providing better internet services, in which the Philippines seek cooperation with through tower-sharing for Filipino consumers.
The dialogue with the Lithuanian business delegation, held on April 25 at Shangri-La The Fort, acted as a gateway for more potential investments not just from Lithuania but the rest of the global market landscape. Foreign participation is much encouraged to jumpstart public-private partnership projects, and private proponents are inclusive for both local and global as long as a common vision of promising growth, innovation and mutual prosperity is present.
The author is the immediate past president of the MAP and founding partner and CEO of Du-Baladad and Associates or BDB Law.