MANILA, Philippines - The Department of Trade and Industry expects more inbound trade and investment missions from Taiwan this year.
"With its strong economic performance, flourishing business opportunities, and proximity, the Philippines is in a firm position to encourage Taiwan in closely considering our country as their gateway or hub for the Association of Southeast Asian Nations (ASEAN) market," Trade Undersecretary Ponciano C. Manalo, Jr. said.
Manalo said Taiwan is currently one of the Philippine's top trading partner and investment sources.
He recently visited Taiwan last March to push for a number of Philippine trade and investment promotion opportunities.
Manalo had one-on-one meetings with big Taiwanese companies that have expressed interest in investing in the Philippines. Three of these companies are major players in the global electronics supply chain.
Currently, the investment opportunities in the Philippines for Taiwan include LED module packaging assembly, printer and related equipment, automotive manufacturing (including electronic auto parts), shipbuilding and yacht-building, agribusiness and aquaculture, and information and communication technology (ICT).
Manalo also met with Import Export Association of Taipei (IEAT) Chairman John Huang to discuss projects such as organizing a trade mission to the Philippines this year. The IEAT is the biggest trade association in Taiwan.
"With these anticipated projects and activities, we expect not only to attract more investments to the Philippines but also promote the country’s globally-competitive products such as garments, fresh and processed food, footwear, personal and beauty products, automotive parts and accessories, and wood and metal furniture to Taiwan,” Manalo said.
Last year, Taiwan ranked as the Philippines’ 6th largest trading partner, 9th as export market, and 4th import source.