German firms urged to invest in PH infra

Department of Trade and Industry (DTI) Secretary Alfredo Pascual has urged German investors to look into business opportunities in the Philippines, especially in areas of infrastructure, electric vehicles, manufacturing and services.

In a business forum of German-Philippine Chamber of Commerce and Industry (GPCCI) in Makati City Tuesday, Pascual said they may tap the 300 billion euros Global Gateway Fund of the European Union (EU) to participate in the ongoing infrastructure developments in the country.

“The new Philippine administration has revived the private-public partnership (PPP) arrangements for infrastructure projects in the fields of water storage and management, renewables, waste management, logistics and transportation, and disaster mitigation,” he said.

Being a global leader in e-vehicles (EV), Pascual encouraged German firms to partner in this sector and support industries in EV manufacturing, including mineral processing.

“The German government and the German private sector can tap the Philippines’ significant green metal reserves of nickel and copper. Doing so would ensure the supply of these critical resources in support of your country’s full-electrification objectives for your automobile industry by 2030. In exchange, the Philippines will benefit from Germany’s significant experience and expertise in nickel and copper downstream processing,” he added.

Pascual said there are still vast opportunities in the Philippines for German firms in manufacturing and services sectors, especially information technology and business process management (ITBPM).

He said the government has pushed for policies that will attract more foreign enterprises to invest in the countries, such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and the amendments to the Foreign Investment Act, Retail Trade Liberalization Act and the Public Service Act. (PNA)

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