THE Department of Trade and Industry’s (DTI) three-week investment roadshow in Europe has yielded more than P70 billion in investment pledges from several European companies, Trade Secretary Alfredo Pascual said yesterday.
Pascual said the roadshow resulted in 48 potential investment leads.
“Of these, 16 have explicitly indicated investment values totaling more than P73 billion, potentially generating more than 4,300 jobs – these are direct jobs,” he said.
The Trade chief said the primary objective of the three-week European investment roadshow was to gather investment leads for priority sectors — manufacturing, high-value services, renewable energy, and research and development.
“Additionally, we sought to foster strategic partnerships and collaboration with the European government, particularly the EU, as well as businesses in the region,” Pascual said.
He added: “We went to five countries – France, the United Kingdom, Belgium, the Netherlands and Germany. We recognize their interest in investing in the Philippines, and the support they can provide as we pursue our sustainable growth and development objectives,” he added.
Of the 16 positive leads, six are in the renewable energy sector, six are in the information technology-business process management (IT-BPM) sector, two in manufacturing, one in construction services, and one in acquisition.
Meanwhile, of the total 48 investment leads or commitments, 14 are in the area of manufacturing and related services such as in training and integrated circuit design, 16 are in the area of IT-BPM, 15 are in the area of renewable energy, and three in infrastructure and construction related services.
“It became very clear that their main attraction to the Philippines includes the strategic location of our country; the large population that we have which translates to a good market for them; and the young, talented and skilled workforce that we have in the country – not to speak of our natural resources,” Pascual said.
Data from the European Union’s website showed the trade in goods between the two parties amounted to €18.4 billion in 2022, while bilateral trade in services stood at €4.7 billion in 2021.
In 2021, EU’s foreign direct investment stock in the Philippines amounted to €13.7 billion. (GMA Integrated News)
