Investment roadshows

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WITH the COVID-19 pandemic already behind us, the Marcos Jr. administration believes it is the right time to enhance the country’s bid to attract international investors to help create jobs and boost the local economy.

Trade Secretary Alfredo E. Pascual, who is also chairman of the Board of Investments, will lead the aggressive Europe Investment Roadshow from June 18 to July 6 that will be held in France, the United Kingdom, Belgium, The Netherlands, and Germany.

In a statement, Secretary Pascual said the roadshow aims to position the Philippines as a viable investment destination for European investors.  He said strong emphasis will be given to priority sectors such as manufacturing and research and development (R&D), higher value services, and renewable energy to showcase how the Philippines can make it happen for European investors.

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The roadshow will be conducted in the following key markets: France on June 18-21, in parallel with the 10th Philippines-France Joint Economic Commission Meeting, United Kingdom on June 21 to 23, Belgium on June 25 to 28, The Netherlands on June 29 to July 1, and Germany on July 3 to 5.

‘In seriously trying to convince Europeans to put their money in the Philippines, perhaps the BOI delegation should also touch on the government’s commitment to human rights and how the rule of law and judicial processes are observed here.’

Investment forums will also be held in Belgium and Germany, as well as roundtable discussions with businessmen in France, UK, Belgium and the Netherlands will be conducted to reinvigorate the interest of European investors and to apprise them of the current economic performance, advantages, and opportunities for investments in the Philippines.

For sure, the Pascual team will tout to the European business leaders what the country has to offer in the area of legislative business and economic reforms. They can cite the Public Service Act, Foreign Investment Act, Retail Trade Liberalization Act, the Electric Vehicle Industry Development Act, and the Executive Order on Green Lane for Strategic Investments.

We recognize the DTI and BOI’s efforts in attracting foreign direct investments and opening up opportunities for strategic partnerships with the members of the business community in Europe. Their move to sell the potential of our priority sectors will not be a walk in the park, however, as this is Europe and they adhere to high standards of international human rights conventions. We know of plans by the European Union to set a “higher bar” with greater scrutiny on beneficiary countries enjoying trade privileges.

It is no secret that the preferential trade arrangement that the Philippines enjoys under the EU’s GSP+ (Generalized System of Preferences Plus) is linked to the country’s compliance with the 27 international conventions on human rights, labor, environment, and good governance. The EU GSP+ is the regional bloc’s preferential tariff system, under which the Philippines enjoys zero duty for more than 6,000 products.

According to the DTI, the Philippines has 2.03 billion euros (2.21 billion) worth of exports under the EU’s GSP+ scheme as of 2021, accounting for a 26-percent share of GSP+ exports to total exports.

In seriously trying to convince Europeans to put their money in the Philippines, perhaps the BOI delegation should also touch on the government’s commitment to human rights and how the rule of law and judicial processes are observed here.

This commitment had been demonstrated by the Marcos administration as early as last year when Philippine officials held a series of high-level engagements in Brussels, Belgium, with the EU Commission, the EU Council, the EU Parliament and several business groups.

 

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