Euro firms to invest more in Phl, says DTI

MANILA, Philippines – European companies are keen on investing in the Philippines either to expand  operations or set up new facilities following a visit by officials of the Department of Trade and Industry (DTI) to various European countries earlier this month.

Trade Undersecretary Ponciano Manalo Jr. told reporters he was with Trade Secretary Gregory Domingo earlier this month in Germany, France, Sweden and Norway to promote the Philippines as a place to do business.

Based on discussions held with company officials during the visit, he said German automotive supplier Continental Corp. is planning to expand its operations in the country.

“They are expanding in the Philippines and they will need up to about 700 more employees,” he said.

Continental Corp. has facilities in Taguig City in Metro Manila and in Calamba City in Laguna.

Manalo said another German company engaged in the manufacture of dental products Zahnfabrik Bad Nauheim and French ophthalmic lens maker Essilor are planning to expand their operations in the country.

The DTI likewise had discussions with representatives of two German firms that are interested in setting up facilities in the Philippines.

Manalo said one is engaged in building construction materials, while the other is involved in the manufacture of power tools.

During the visit, the DTI met with other company officials to encourage them to consider the Philippines in their investment plans.

Manalo said among those being invited is German enterprise software provider SAP AG.

“We are inviting them to set up their regional headquarters here,” he said noting that the firm is serving many clients here particularly those in the information technology – business process management sector.

The DTI also invited Swedish firms to check out opportunities in the Philippines.

Manalo said two trade missions from Sweden will be visiting the country in September, focused on urban transport and infrastructure.

As for Norway, he said the DTI wants the government-owned investment fund to consider placing funds in the country.

“They (Norway) have very little information on us,  so they looked and now that we have investment grade ratings from the three (debt watchers) and governance and ease of doing business rankings have gone up, we are making a strong pitch for them to at least consider us in the placement of funds for development,” he said.

Source: http://www.philstar.com/business/2014/06/23/1337859/euro-firms-invest-more-phl-says-dti