THE Department of Trade and Industry (DTI) said that the Philippines and Germany plan to expand bilateral cooperation in minerals processing and investment financing.
In a statement on Wednesday, Trade Secretary Alfredo Pascual recognized the partnership between the two countries during the 2nd Joint Economic Commission (JEC) meeting on March 27, 2024.
"Germany has consistently ranked as a top trade and investment partner, and 2023 was a record-breaking year. Foreign direct investment (FDI) from Germany soared to a staggering $149.89 million, the highest since 2005," said Pascual.
"This momentum continued with Germany emerging as the leading source of foreign-approved investments in 2023, contributing a remarkable P393.99 billion," he added.
In line with this, Pascual said that both countries have identified opportunities to expand bilateral cooperation and include minerals processing and investment financing.
Board of Investments Director for Resource-Based Industries Service Raquel Echague and Department of Environment and Natural Resources-Mines and Geosciences Bureau Engr. Bernardo Bitanga presented the value proposition for minerals processing in the Philippines during the meeting.
They also proposed cooperation projects such as technical assistance for establishing an iron-making facility.
The Philippines and Germany are also eyeing collaboration to explore opportunities in the sectors of manufacturing and industrial services, energy, construction and infrastructure, information technology-business process management (IT-BPM), innovation and startups, and vocational education and training.
For his part, DTI Undersecretary for International Trade Allan Gepty emphasized the country's position as the fastest-growing economy across Southeast Asia, with a 5.6-percent growth rate in 2023.
He added that growth projections continue to range from 5.8 percent to 6.3 percent in 2024.
"Trade policy is a potent tool to address challenges like climate change. Under the Philippine Development Plan (2023-2028), we're positioning the Philippines as a prime destination for investments, especially in environmental, social, and governance (ESG) initiatives," Gepty said.
The DTI official also affirmed the department's commitment to advance free trade agreements (FTAs) that, in turn, increase the country's participation in global supply chains.
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