THE Philippines is presenting its agriculture sector as an attractive investment destination for European investors and is set to conduct a follow-through promotion mission in the region, Trade Secretary Alfredo Pascual said on Wednesday.
He said that investment opportunities in the Philippine agriculture sector included natural health products, seaweed or carrageenan, plant-based foods, cold storage, modern agriculture and biotechnology.
The trade chief said the Board of Investments (BoI) was set to conduct a follow-through outbound mission to Europe for investment promotion with a focus on key markets in Paris, London and Berlin.
"We can potentially welcome even more renowned European brands like Danone SA, Narayan Foods, and Arla," Pascual said.
He added that the country currently hosts various global agribusiness and food giants, like Nestle, Unilever and FrieslandCampina.
The trade chief said that the mission aimed to conduct sectoral various meetings with top global players in Europe and to acquaint European investors of the current economic performance and opportunities for investments in the Philippines.
Pascual noted that while details had yet to be finalized, the meetings would generate fresh investment leads or advance discussions with existing leads.
The government also wants stronger collaboration with the European Union (EU) on skills recognition, validation and qualification alignment to cater to the needs of European businesses operating in the country.
"In 2023, our gross domestic product (GDP) growth rate surged to 5.6 percent, outpacing several Asian countries. This growth puts us on track to become a $1-trillion economy by 2033, establishing the Philippines as a significant global player," Pascual said.
This year, total investments approved by the BoI increased annually by 15 percent, with significant growth in the renewable energy and information technology, and business process management sectors.
Additionally, the Philippine Economic Zone Authority reported a 19-percent increase in investment, particularly in manufacturing and expansion projects.
"I am confident that investors can rely on our young and talented Filipino workforce and our rich natural resources, which represent immense growth potential for investors," Pascual said.
Earlier this year, the resumption of the PH-EU trade talks was announced and hoped to be finalized by 2027.
"With the PH-EU FTA on the horizon, a promising opportunity exists to enhance and broaden our partnership. Looking ahead, the chief negotiators' meeting scheduled in June can lay the groundwork for the upcoming negotiation rounds," Pascual said.
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