The Market Monitor Minding the Nation's Business
A British trade mission will visit the country next month to explore business opportunities and to establish local networks for possible investments.
The British Chamber of Commerce Philippines (BCCP) is organizing the trade mission composed of companies from the United Kingdom (UK) which are mostly small and medium exporters.
The British trade mission is expected to be held from October 18 to 20, 2016, the Oxford Business Group (OBG) said.
“The Philippines is one of the fastest growing economies in the world with a GDP of 6.9 percent in the first quarter, which is projected to increase to 8.8 percent by 2018,” OBG said to underline the interest of British companies in doing business with the country.
“The mission aims to help British companies explore the business opportunities and potentials for doing business in the Philippines. Mission delegates will meet key players from the government and private sectors as well as potential local partners and relevant contacts that could aid their successful market entry,” OBG said.
A dialogue with House trade and investment committee will be held on the first day of event.
The BCCP board will also hold networking receptions with key local businesses.
On the second day, the UK Trade and Investment will hold briefing, business summit and sectoral briefing, and business matching with potential partners.
The last day of the event will be site visit to relevant contacts and agencies as well as follow-up meetings and a UK-Philippines Friendship Ball.
OBG said UK companies is interested in the Philippines, being the second largest market in the Association of Southeast Asian Nations (ASEAN) economic bloc with 103 million people.
Big opportunities lie in the infrastructure, construction, information and Communication technology (ICTT), food and beverage, pharmaceutical, energy and agri-business sectors, it added.
The BCCP trade delegation also considered the country’s position as the 40th largest global economy which is predicted to be in the top 15 economies by 2050.
It has a steady economic growth in the past five years amid the global financial crisis and is the world’s top business process outsourcing (BPO) destination for voice services and has a workforce who are hardworking, educated, English proficient and young, and comparative inexpensive wage.