Finnish firms seek business opportunities in Phl

MANILA, Philippines - Finnish companies are interested in business opportunities in the Philippines as the country is seen to sustain its strong economic growth.

In a press conference,  Finnish Minister of Economic Affairs Jan has Vapaavuori said the Finnish government organized a business mission to the country, the first in a decade, to explore opportunities here.

“Finland is a small technology-driven country in the northern part of Europe, and as you know, Europe is not doing very well now. That is why we are actively seeking opportunities in new markets,” he said.

Companies that would be part of the business mission are: Comptel Corp. (software firm specializing in telecommunications); Eltel Networks Corp. (power transmission or distribution and telecom infrastructure); Konecranes Finland Corp. (lifting equipment and machine tools); KPI Elevators Inc. (elevator and escalators); LS Academy Oy (training); Nocart Oy (power generation); Nokia Corp. (mobile technology); Opteam Group Ltd. (personnel services) ; Outotec (technology solutions for energy and mining); Pajat Solutions Ltd. (mobile software solutions); Poyry Energy Inc. Philippines (energy projects); Sandvik Mining and Construction Oy (tools for mining and construction); and Wartsila Corp. (solutions for marine and energy projects).

More than half of the members of the delegation, which already have presence in the Philippines, are looking to expand operations, while the rest are newcomers interested in business opportunities.

“Most of them are involved in the Philippine business for a long time and they are looking for a long-term relationship as well,” Pekka Nieminen, leader of the business delegation and president of breaking, surface drilling and tunneling at Sandvik Construction said.

Vapaavuori said the Finnish government decided to organize a business mission to the Philippines as the country is growing rapidly, making it an attractive location for business.

“The Philippines’ economic development, the rise of a new Asian tiger and its strategic location in Asia offer interesting business possibilities. The estimated six to seven percent economic growth in the Philippines this year forecasts a very good year for businesses,” he said.

Of particular interest to Finnish companies are opportunities in the information communications technology, energy, mining, and construction sectors.

As Finland is an export-oriented country, the Philippines which has a population of 100 million, also opens opportunities for Finnish companies to bring their products.

Finland’s exports to the Philippines amounted to 140 million euros in 2013, while its imports from the Philippines reached 125 million euros in the same year.

Finnish Ambassador to Malaysia, Philippines and Brunei Matti Pullinen said there are also opportunities to increase investments in the Philippines even as those poured in by Finnish companies here have been rising in the last of couple of years.

“If the situation remains goods and promising, then companies are willing to take risks,” he said.