CEBU, Philippines – The Northeast, Southeast and South Asia will be the priority destinations for foreign direct investments (FDIs) in the next two years, a United Nations (UN) survey showed.
China and India were among the top five most common FDI sites cited by respondents of the World Investment Prospect Survey 2010-2012 conducted by the UN recently.
The Conference on Trade and Development (UNCTAD) officials of 352 transnational companies and investment promotion agencies gave the highest average ranking of 3.6 out of a maximum of five to the three Asian sub-regions as priority sites for FDI by 2012.
Trailing behind as priority FDI locations were the 15 older members of the European Union, Canada, Latin America and the Caribbean, the 12 new EU members, West Asia, and other European developed countries.
At the bottom of the priority ranking were North and Sub-Saharan Africa.
Aside from China and India, the three other top FDI sites cited by the respondents were Brazil, the United States, and Russia.
Earlier the Department of Trade and Industry (DTI) announced its plan to focus in bringing in more foreign missions to the Philippines, to make the Philippines part of the "hottest" investment destination in Asia.
DTI secretary Gregory Domingo said that the government will be hosting more inbound missions, which include companies and big ticket investors especially from Middle East and Europe.
"We need to get business people to come and see the Philippines for themselves, so we can change their perception for the country," Domingo osaid.
The trade chief added that it would be easier to convince invertors to come by being able to see for themselves what the country had to offer instead of just being told positive stories about the Philippines.
Economist and market analyst Wilfred Son Keng Po said earlier that aside from attracting FDIs to the country, the government should also make extra efforts in encouraging big Filipino investors to invest in the Philippines first.
At this point, he said global investors are still doubtful of the Philippines' sustained economic vigor, and that it needs the full support from the local investors to put in money in infrastructure.
He said foreign investors will not come here and put their businesses 100 percent, it has to partner with local players. Thus, confidence among the Filipino investors is very important in attracting FDIs.
Likewise, Francis Sebastian president of First Metro Investment Corporation, and vice chairman of Metropolitan Banking Corporation said that the new economic order today, is the recognition of Asia as the best growth region in the world, while giant economies like the United States and Europe still have to recover from the hard-economic crash.
For real, the economy in the Philippines is getting much better, thus Filipinos should first take advantage of this, and while confidence is established FDIs will easily recognize the country's attractiveness as a preferred investment site. (FREEMAN)