CEBU, Philippines - Along with retail, Cebu is likewise gaining the interest of big technology-manufacturing companies from the United Kingdom following the success of few similar companies that have been operating in Cebu.
British Ambassador to the Philippines Asif Anwar Ahmad made this statement in a press conference yesterday promoting the Embassy's introduction of GREAT campaign to Cebu, an initiative that presents the best of British business and culture to the world.
Ahmad underscored the impressive economic growth of Cebu that has caught the attention of British investors particularly in retail, technology-manufacturing, and Business Process Outsourcing, among others.
"A number of British companies already operate here, lured by the appeal of vigorous local business climate and the skilled and productive labor force. We are looking to explore even more business opportunities in Cebu and across the Visayas and for British companies to bring in new products and services and to tap into local skills and talents to create more jobs," Ahmad said.
He added that Cebu is now becoming a hot destination for expansion among top fashion and lifestyle brands from UK in fact a deluxe coffee chain is eyeing to open shops in the country, including Cebu.
"We have an increasing British retail footprint in Cebu," the ambassador said.
During his two-day trip in Cebu, which ended yesterday, Ahmad accompanied a business delegation composed of top executives from Diego, GlaxoSmithKline, HSBC, MINI, STI and Arup.
The delegation met with government officials and the Cebu Chamber of Commerce and Industry to learn more about the business climate and the commercial opportunities in Cebu.
The British government seeks to deepen business ties with the Philippines, underpinned by open markets and more sustainable and economic growth.
Five years ago, the Philippines is part of the 36 countries identified by the British government as priority countries, tagged as emerging powers for their political and commercial significance.
UK-Philippine trade relations are good. Total two-way trade in goods and services in 2012 was £1.23 billion (up by seven percent year-on-year).
As of 2013, the UK is one of the largest European investors in the Philippines with Foreign Direct Investments (FDI) stock of $ 1 billion.
Major British companies that are in the country include Unilever, Shell, HSBC, Standard Chartered, Pru Life, De La Rue, Diago, G4S, Arup, JCB, Intertek and Halcrow. (FREEMAN)