MANILA, Philippines - Finnish and Swedish companies are interested in checking business opportunities in the Philippines given the huge population and improving incomes of individuals here.
Trade Undersecretary Ponciano Manalo Jr. told reporters that during his visit to Finland earlier this month as part of the government’s roadshow in Europe, he met with a Finnish company which intends to organize a business mission here next year.
“The company is planning a business mission to the Philippines in January. The company will be bringing 15 other companies in the mission,” he said.
The business mission is being planned for various Finnish companies to see what business opportunities are available for them here.
Manalo also had a chance to speak with representatives of a Finnish construction company which expressed interest to invest here.
He said Finnish companies are interested in doing business in the Philippines given the huge market, the country’s location in the Southeast Asian region, as well as availability of a loyal and skilled workforce.
Apart from the Finnish firms, Swedish retail companies are likewise interested in bringing their brands here.
Manalo said he learned about the interest of Swedish retail firms during his meeting with government officials in Sweden.
The Swedish retail firms are looking to establish their presence in the Philippines given the huge market and the improving income of individuals as the economy is growing.
“Their interest is not only on the volume of the people, but also that the per capita consumption reflects levels which are probably higher than the average of the country. Of course, if your market is big, it is always an opportunity for any company,” Manalo said.
The trips to Finland and Sweden are part of the government’s roadshow in Europe to drum up investor interest here.
Other stops of the roadshow were Germany and the United Kingdom (UK).
In Germany, Manalo met with the chief executive officers of seven firms which are all interested to make investments here.
Of the seven firms, a firm engaged in ship-building, and another involved in manufacturing, are already planning to visit the country within the year to conduct due diligence.
The rest, Manalo said, are looking for financing partners.
In the UK, he said that while the government focused on attracting investments in financial services, business process management and production of automotive parts, there were British firms which expressed interest in participating in the public private partnership projects and asked about opportunities in retail here.