Purisima woos French businessmen to invest in Phl

MANILA, Philippines - Finance Secretary Cesar Purisima is urging French businesses to invest in the Philippines, saying it is one of the fastest growing economies in Asia.

Speaking before 70 to 80 French businessmen during the Convention CCEF (National Committee of Foreign Trade Advisors of France) held Friday in Manila, Purisima called on France to make the Philippines its base in Asia given the country’s booming local economy and Filipinos’ ingenuity and artistry.

Purisima said the two countries must bolster their trade relations to take advantage of investment opportunities in the Philippines, which is expected to achieve its much-coveted investment grade status this year.

 â€œThere is so much potential between France and the Philippines that have yet to be tapped,” Purisima said.

He said the Philippines is in a much better position to attract foreign investments due to the protracted debt crisis in Europe.

European Union Ambassador Guy Ledoux said several French firms have signified their interest to invest in the Philippines although nothing concrete has been finalized.

Among the areas of interest to them include mining, infrastructure and agriculture.

During the visit by the French business delegation in October last year, both governments signed a bilateral agreement to conduct a feasibility study on biomass power generation.

Leading French companies like Thales earlier expressed interest to participate in big-ticket infrastructure projected being offered by the government under the Public-Private Partnership program for infrastructure.

Bilateral trade between the two countries amounted to $1.143 billion in 2011 as French investments in the Philippines reflected a “significant increase” last year with total approved investments of P1.145 billion, 90 percent higher year on year.