"The ASEM is one of our main forums for economic dialogue with Europe, " Purisima said.
Purisima cited the fact that the European Union (EU) accounted for $9 billion of the Philippine’s total trade with the world and $6 billion of total exports.
The EU, Purisima added, remains an important source of foreign direct investments.
Last year, Purisima said, the EU brought in P6.73 billion.
The EU’s gross domestic product (GDP), Purisima pointed out, totalled $11 trillion, rivaling that of the US.
Thus, the DTI head, said, Philippine businesses continue to keenly look at the many opportunities available in electronics, garments, furniture, processed food, autoparts and information and communications technology services.
Thus, all of the recent initiatives, Purisima said, "are aimed towards creating a strengthened and more relevant ASEM."
He added that "for businesses in the Philippines, it makes ASEM a more solid and effective venue for promoting inter-regional economic cooperation, especially with the EU."
However, Purisima said, "it is now up to the Philippine private sector to seize this opportunity and take the lead in increasing our business with Europe."
Meanwhile, the Philippines was recently cited as one of the leaders in offshore outsourcing, according to CIO, a top management magazine in the United States.
The Philippines, along with India, Canada and Israel are reportedly the leaders in global outsourcing, according to CIO’s offshore outsourcing/global guide.
Up and comers are China, Malaysia, Singapore, Hungary, Poland, the Russian Federation, South Africa, Mexico and Brazil.
Among the rookies are Thailand, Vietnam, New Zealand, Romania, Bulgaria, Ukraine, Costa Rica and Argentina.
Among the Philippines’ advantages cited by the CIO study are historic military presence, high percentage of English speakers with American accent and Filipinos brought up with an aim to please attitude.
CIO reported that "English proficiency and business makes the Philippines a solid choice for business process outsourcing."