Various European companies have committed expanding and setting up operations to support sustainable and innovative projects in the Philippines.
President Ferdinand Marcos Jr. had this to report upon return from Brussels, Belgium, where at the sidelines of the 10th ASEAN-EU Business Summit, he addressed Philippines-European Union Business Roundtable and met with several European companies. The event was organized by the Department of Trade Industry, Philippine Trade & Investment Center, Foreign Trade Service Corps and the Board of Investments.
The President pursued new and enhanced business ties at the meet, which was attended by business leaders from both sides. President Marcos was joined by select Cabinet officials and the Philippines’ economic managers.
The estimated investment pledges generated amounted to almost PHP 10 billion ($180 million), reflecting a high business confidence in the Philippines among European companies. The committed firms are engaged in sustainability solutions, such as agro-logistics design, ecological hydro power turbines, sustainable infrastructure, and fuel-efficient sea vessels.
The synergy of Filipino talent and ingenuity and the country’s available natural resources and European’s advance and sustainable technology is expected to enhance bilateral trade and investment relations and cooperation between Philippines and EU as both country/region forge stronger ties.
During the ASEAN-EU Summit, the Philippines also registered its willingness to resume talks with the European Union in pursuit of a Philippines-EU Free Trade Agreement, a move strongly supported by the ASEAN-EU Business Council.