MANILA, Philippines - Swedish firms are keen on investing in the Philippine manufacturing sector, the Department of Trade and Industry (DTI) said yesterday.
In a statement, the DTI said it recently met with a Swedish delegation composed of firms planning to invest in the country’s manufacturing sector.
“What is encouraging for us is the heightened interest of foreign investors in the Philippines. There is a solid stream of business missions coming in and we believe this as a vote of confidence in our government’s capacity to effect significant long-term structural and policy reforms,†Trade Undersecretary Adrian Cristobal Jr. said.
The trade and investments briefing organized by the DTI was attended by representatives from firms such as Atlas Copco, Celemi, Clean Motion, Comex International, Electrolux, Ericson, Handelsbanken, Ikano, SEK, Tetra Pak, Volvo and the Swedish Foreign Trade Association.
During the briefing, investment opportunities in the country were presented in the areas of infrastructure or public-private partnership projects, renewable energy, information technology or business process outsourcing, tourism and agribusiness.
“Strategic investments in these high-potential growth sectors, especially in manufacturing, generate employment opportunities and stimulate more development in the rural areas,†Cristobal said.
Swedish companies present in the country are Ericsson Philippines, Astra-Zenica, Magnitron Technology Philippines, ABB Philippines, SCA Hygiene Products Corp, Swedish Match Philippines Inc., and Lux Manufacturing.
Swedish investments in the country amounted to only P168.4 million from 2006 to 2012.
Eva Walder, head of the Swedish business delegation said there is room to strengthen the investment and trade relations of the two countries.
“I believe that there is great potential for an increased bilateral dialogue between the Philippines and Sweden and strengthened business and industrial relationships,†she said.
Apart from encouraging Swedish firms to invest in the country, the DTI also informed delegates of products they may purchase here.
These products are organic foods, processed fruits or marine products, fresh fruits, coffee, and home furnishings.
Sweden is the Philippines’ 34th trading partner last year with a total trade of $161.48 million.