Swedish businessmen eager to invest in Philippines

MANILA, Philippines - Swedish businessmen are eager to invest in the Philippines despite reports of summary executions of drug-related suspects in the country under the Duterte administration.

Swedish Ambassador-designate Harald Fries said the Swedish businessmen were upbeat in looking for opportunities, noting how the new government outlined its 10-point agenda to push for economic reforms in the country.

“I haven’t heard from any Swedish businessmen any concrete hesitancies or concern about doing business here. On the contrary, (there are) very positive comments that I have heard,” he said in a briefing at the Palace.

According to Fries, the “many positive factors” in the country prompted Sweden business groups to take a second look at the Philippines.

“It’s a country with more than a hundred million people, and combine that with the high growth rates. I mean anyone would like to come here and do business with such a huge and growing market… stable inflation, sound fiscal situation and very importantly, a young, talented, well-educated and English-speaking population,” Fries said.

“So many of the fundamentals are right here for increasing business relations. And then with the new administration, I think there are reforms taken here which are positive for increased business relations,” he added. 

The Swedish embassy reopened in Taguig City on Nov. 8 after it closed eight years ago during the global economic downturn.

“I’m thinking of the 10-point socioeconomic program which we welcome very much. Tax reform is in the pipeline. Reduced restrictions on foreign ownership, we’re also looking forward to that,” he said.

Fries cited the “very large remittances coming in every year,” which had been adding to the stability of the economy.

“I also think that the President’s anti-poverty programs are very welcome. I mean in the long run, it’s critical for any country to get rid of poverty. It’s good not only for the poor people but for the whole society of course,” he said.

“So all in all, there are many positive factors about the Philippines now. And Sweden, the trade between Sweden and the Philippines, is we feel much too low, so there’s a great potential for enhanced trade… and investment relations between our two countries,” Fries added.

Fries also eyes student exchange programs and more people-to-people exchange, along with increased tourism arrivals from Sweden.