The unparalleled record of inbound business missions to the Philippines
this year manifests the strong confidence of foreign investors in the
country’s business environment, the DTI said.
“Consistent with positive reviews of international rating agencies
on the Philippines, this influx of business missions is a strong
affirmation of the Aquino administration’s economic reforms that have
resonated prominently to foreign investors worldwide,” Department of
Trade and Industry (DTI) Undersecretary Cristino L. Panlilio said in a
statement.
The Board of Investments (BOI) recorded a total of 487 inbound
business corporation visits from January to October 2012. These missions
are composed of 147 individual company visits and 34 multi-company
delegation missions, where each mission is composed of at least 5
corporations’ executives, according to the DTI.
To date, inbound business mission for this year increased by 56.6
percent from last year’s 311 inbound mission. There is also an increase
in multi-company delegations, which rose to 112.5 percent from a total
of 18 last year to 34 in 2012.
Panlilio noted that the increase in inbound business missions can be
attributed to the revival of interest of markets such as United
Kingdom, France and Canada, and the growing interest coming from
non-traditional markets like Russia, Europe (particularly, Turkey),
Middle East (namely, Oman, Iran, Qatar, Kuwait, Abu Dhabi), and Africa
(particularly, Nigeria).
“Traditional markets such as Japan, US, Taiwan, and Korea remained a major source of foreign investor visits,” Panlilio added.
These inbound mission’s sectors of interest are information
technology–business process outsourcing (IT-BPO), power including green
energy, infrastructure or public-private partnership projects, tourism,
agribusiness and aquaculture, and manufacturing of aerospace parts,
electronics, garments and textiles, steel, machineries, automotive,
shipbuilding, chemicals, and pharmaceuticals.
The BOI also recorded a total of 13 outbound missions and four
Presidential state visits this year. President Benigno S. Aquino III
led three of these state visits, which include: United Kingdom (UK) and
US that brought back at least 2.5 billion dollars in investments last
June, New Zealand and Australia that pitched investment opportunities in
the Philippines last October, and Cambodia to attend the ASEAN Business
Advisory Council meeting during the ASEAN Summit last November. For
the fourth and recent state visit to India to keynote the ASEAN-India
Business Fair and Forum and meet with executives of Indian companies and
leaders of a trade organization in the Indian software industry during
the ASEAN-India Commemorative Summit, Vice President Jejomar C. Binay
represented President Aquino.
Last year, there were 18 outbound mission conducted. Out of this
number, 13 were BOI-led missions and five are Presidential state visits.
This year’s 13 outbound missions were in Taiwan, Singapore, Korea,
Malaysia, Japan, Hong Kong, China, Taiwan, Australia, and Cambodia. The
areas of interests are maintenance, repair and overhaul (MRO) services,
electricity generation and transmission, hydropower power, tourism,
energy, e-vehicle, agro-business, shipbuilding, business process
outsourcing (BPO), duty free shops, and investments in economic zones
and in Mindanao.
“In 2013, we expect this trend to continue with numerous investor
queries and requests for assistance in the conduct of our due diligence
activities. We are also anticipating a considerable increase in realized
investment projects with value propositions from the industry roadmaps
developed this year,” Panlilio said. (DTI)
source: PIA
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