German-PH commerce group wants German firms to join infra projects
MANILA, Philippines – The German-Philippine Chamber of Commerce and Industry (GPCCI) continues to scout for more German firms to invest in the Philippines, which is poised to have prolonged fast economic growth amid tempered inflation rates.
GPCCI president Tristan Loveres told Rappler on Tuesday, July 9, that the group met with companies in the construction industry last February, in hopes of convincing them to participate in the Build, Build, Build program.
But instead of large companies, the chamber wants to attract small and medium enterprises (SMEs) to foray into the Philippine market.
"In Germany, there's a big SME business community, which is actually supporting German economy growth and this is what we want to invite [here] to invest in the Philippines," Loveres said.
"If you talk about railway systems, airports, [and] tollways, we have companies and technologies in particular that have the experience and expertise. You know German companies, [the] German brand, it can assure you of quality and safety."
In March, the GPCCI also met with companies involved in the renewable energy industry to get them to invest in the Philippines. Other industries GPCCI is eyeing to attract are in the field of electronics and those in the automotives value chain.
Automotive engineering continues to be Germany's largest industry, valued at €406 billion. Automotives are followed by mechanical engineering and chemistry at €219 billion and €194 billion, respectively.
At $399.57 million worth of imports and exports, Germany is the Philippines' 12th largest trading partner as of April 2019. The Philippines enjoys a trade surplus of $15.49 million. – Rappler.com