MANILA, Philippines — The Department of Trade and Industry (DTI) is encouraging Swiss firms to do business and invest in the Philippines particularly in the areas of aerospace, agriculture, electronics, healthcare, information technology and food and beverage.
In a statement, the DTI said it recently conducted a business roundtable for Swiss companies in Zurich in Switzerland through the Philippine Trade and Investment Center in Geneva.
During the business roundtable co-organized by the Switzerland Global Enterprise and the Swiss-Asian Chamber of Commerce, the DTI discussed trade and investment opportunities in the Philippines.
DTI assistant secretary Angelo Taningco said it is in the interest of the Philippines to boost trade and investment links with Switzerland particularly in the aerospace, agriculture, electronics, healthcare, IT-BPM, and food and beverage sectors.
He said there are also opportunities under the bilateral free trade agreement (FTA) between Philippines and the European Free Trade Association (EFTA) which groups Switzerland, Iceland, Liechtenstein and Norway.
Under the FTA, industrial products, as well as fish and marine products from the Philippines can enter EFTA states at zero tariff.
In addition, the FTA provides concessions on basic and processed agricultural products from the Philippines.
Total merchandise trade between the Philippines and EFTA states reached $900 million in 2017, with EFTA’s exports to the Philippines amounting to $384 million and exports from the Philippines to EFTA reaching $516 million.
Goods shipped from EFTA states to the Philippines included pharmaceuticals, clocks and watches, and machinery and mechanical appliances.
The Philippines, meanwhile, exported precious metals, electrical machinery, and mechanical appliances to EFTA.
“The Philippines is on a break out and it is the best time to partner with us, given the country’s strong macroeconomic fundamentals,” Taningco said.
Trade Secretary Ramon Lopez earlier said roundtable meetings conducted with global companies and business chambers would serve as “venues to present the huge opportunities in the country that has a fast-growing and more robust economy with meaningful economic strategies and reforms.”