Trade Secretary Ramon Lopez said despite the strong trade and investment ties established between the Europe and the Philippines, there is much for room growth.
With 20 percent of investments coming from Europe in 2020 despite the pandemic, Lopez said “there is still much room for growth, considering the level of consumer demand from respective markets and the supply chains that can be developed from complementary industries.”
In his remarks at the Philippines’ Role in Your Global Business Webinar on Tuesday, Lopez said total approved European investments to the Philippines in 2020 amounted to 406.55 million euros or $485.77 million with the United Kingdom, the Netherlands and France the top three investing countries from the region.
Electronics, aerospace, information technology-business process management and agriculture and agro-processing are the top sectors where trade and investment flourish making Europe the Philippines’ fifth largest trading bloc, with total bilateral trade valued at $13.8 billion.
The region is also the Philippines’ sixth export market valued at $7.28 billion and its sixth top import supplier valued at $6.55 billion.
The Philippines also enjoys a special trade relationship with Europe with its free trade agreement (FTA) with the European Free Trade Association (or EFTA). The Philippines is the only country in the Asean to benefit from the European Union’s Generalized Scheme of Preferences Plus.