THE Department of Trade and Industry (DTI) said a trade mission to Europe is prospecting for potential French investment in the Philippines.
In a statement on Thursday, the DTI said that Trade Secretary Alfredo E. Pascual met with French business federation MEDEF International on June 20 to pitch Philippine investment projects.
According to the DTI, the roundtable meeting was attended by 13 French companies engaged in finance, infrastructure, manufacturing, services, and transportation. It said the meeting participants expressed a “positive outlook toward the opportunities available in the Philippines.”
“The Philippines is open for business and now is the time for French businesses to seize the opportunities we offer,” Mr. Pascual said in his speech at the meeting.
Mr. Pascual discussed the opportunities presented by the Regional Comprehensive Economic Partnership (RCEP) trade deal which took effect in the Philippines on June 2, directing their attention to activities like sustainability and environmental projects.
RCEP consists of the 10 ASEAN members, Australia, China, Japan, South Korea, and New Zealand.
“French businesses, known for their expertise in renewable energy, sustainable agriculture, and eco-friendly solutions, can find immense opportunities to partner with Philippine companies in these areas,” Mr. Pascual said.
“Recently, we witnessed the visit organized by MEDEF International for its members in the Philippines… These developments indicate not only the interest and confidence of French companies in the Philippines but also the strong relationships we enjoy at the business level,” he added.
Mr. Pascual told French companies during the meeting that the Philippine government has started to roll out the Philippine Business Hub platform that uses digital and online processes to simplify business transactions.
“This initiative streamlines the registration of businesses, permit renewals, and other activities, making it easier and faster to conduct business in the Philippines,” Mr. Pascual said.
Mr. Pascual also sought MEDEF support as the Philippines pursues the renewal of Philippine eligibility for the European Union’s Generalised Scheme of Preferences Plus (EU-GSP+) preferential tariff scheme and the resumption of Philippine-EU free trade agreement negotiations.
The EU-GSP+ scheme, which is set to expire by the end of the year, sets zero tariffs for 6,274 products or 66% of all EU tariff lines. The Philippines can maintain its GSP+ status by committing to adhere to international conventions on human rights, labor, good governance, and environmental practices.
Currently, the DTI is undertaking a European investment roadshow, which started on June 18 and runs to July 6. The roadshow hopes to drum up investment from France, the UK, Belgium, Netherlands, and Germany.
“Our Board of Investments (BoI) recorded a 200% surge in foreign investment in 2021, totaling 11 billion euros across 235 projects. From 2020 to 2022, the Philippines received net foreign direct investment flows of $28 billion, with Europe accounting for a significant portion,” Mr. Pascual said. — Revin Mikhael D. Ochave
