PHL trade mission in Europe expects to bring in more FDIs

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MANILA — After Department of Trade and Industry (DTI) held outbound trade mission in Europe, the department expects to draw more foreign direct investments (FDIs) here from European companies.

DTI secretary Gregory L. Domingo and Trade and Investment Promotion Group undersecretary Ponciano C. Manalo Jr. arrived Monday after their visit in Europe last week to promote the Philippines as investment hub for Europe-based firms.

Manalo told reporters Tuesday evening that European companies expressed big interest to venture here.

“They’re all wanting to be part of Philippine growth momentum… They are all very enthusiastic,” he said.

He mentioned that they met at least eight to nine companies per country in their business mission in Europe.

According to the trade official, they had trade visits to Frankfurt and Stuttgart in Germany, Stockholm in Sweden, Oslo in Norway, and Paris in France.

The trade mission in Europe of DTI promoted sectors of manufacturing and aerospace, among others, which aims to create more jobs and to have value added sectors.

“We want to be part of the global supply chain. We want facilities in higher value chain to come here,” he said.

Aside from meeting different companies, Secretary Domingo, on the other hand, had a bilateral trade talks with his counterparts in the said European countries.