DTI seeks Israel’s high-tech investments

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The Philippines eyes to generate investments from Israel’s high technology industries following the signing of an Investment Promotion and Protection Agreement (IPPA) between the two countries.

These industries are in agro-tech, life sciences and healthcare, water technologies, high-technology and semiconductors, cybersecurity, financial technology, defense industry, smart transportation, clean technology, smart manufacturing, and the diamond industry.

Secretary of Trade and Industry Ramon Lopez and Israel Finance Minister Avigdor Lieberman signed the IPPA at the Israel’s Ministry of Finance in Jerusalem on June 7.

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“The Philippines eyes Israel’s expertise on innovation, especially in new and smart technologies that will bring about more competitive and efficient products. On the other hand, Israeli investors expressed interest in investing in the infrastructure, agriculture and water, and business process outsourcing (BPO) sectors in the Philippines,” Lopez said in a statement yesterday.

The IPPA covers the investment protection elements such as national treatment, most favored nation treatment, free transfers, rules-based expropriation and compensation, and investor-state dispute settlement.

“Israeli investors can certainly look forward to maximizing the gains from the game-changing legislative amendments such as the liberalization of the public services act, retail trade liberalization law, and the foreign investments act and now is the most opportune time to do so,” Lopez said.

In 2020, Israel ranked 34th as the Philippines’ trading partner, 39th export market, and 31st import supplier. The approved investments from Israel primarily come from the manufacturing, wholesale and retail trade, and repair of motor vehicles and motorcycles industries.

Two other agreements were signed with Israel: the launch of the Joint Economic Commission and the Cooperation Agreement with the Israel Innovation Authority. Irma Isip

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