THREE Nordic ambassadors recently said their countries are potentially looking at increased investments in the Philippines, while lauding the government for the economic reforms it has instilled.
During the recent Nordic Business Council of the Philippines (NBCP) Ambassadors Luncheon, the ambassadors of the Netherlands, Finland and Norway all said they see the strength of the Philippine economy and its over 100 million population as a magnet for new investments.
Embassy of Denmark Ambassador Jan Top Christensen said there is strong interest on their side to bring Danish companies into the country.
“We are looking at a broad spectrum, including the health care, food and agriculture, renewable energy, water, fisheries and waste management. We have great optimism that the Philippines is past the point of no return in terms of its economic growth,” Christensen said.
The ambassador said their government has a new domestic growth plan with 100 initiatives, and that there is an upgrade on external business promotion.
“Economic diplomacy is still a priority,” Christensen added.
Already in the pipeline are visits from 15 fisheries companies, in January, which has processing capabilities. The following month 10 Danish companies on clean energy will be looking for potential investments in the country.
There will also be a delegation of Danish companies from the health-care industry that will be looking at investments in hospital equipment, tele-health, and health tourism coming in next year.
Christensen also said there will be growth advisers in their embassy, Danish sector specialists who will engage with local authorities.
Denmark next year will be celebrating 70 years of diplomatic relations with the Philippines.
For his part, Embassy of Norway Ambassador Erik Forner said they are looking at investments in renewable energy in the country.
“I want to secure a large investment in solar power. We want to see more investments in the energy sector here in the country, especially in renewable energy,” Forner said.
He added that the growth of the Philippine economy speaks for itself.
“We want to congratulate the government for its economic reforms. If it continues, the prospects are good for the coming years,” Forner said.
He added that they are also focusing on the country’s shipping industry, which he described as a cornerstone for them over the last 25 years.
“There are more than 25,000 Filipino seafarers in Norwegian vessels. At the Philippine-Norway Business Chamber, half of its members are in the maritime industry,” Forner said.
He also took note of the restrictions imposed on foreign ownership in the country and the conflict in Mindanao.
“If you want more investments here, you need majority ownership. Conflicts are also bad for business. It is necessary to make peace to attract investments,” Forner said.
Meanwhile, Embassy of Finland Ambassador Matti Pullinen, who is based in Kuala Lumpur, said they are trying to reopen their embassy here in the country.
“We are looking forward to better times and we might open an embassy in Manila. We want to intensify our relationship,” Pullinen said.
Currently, Finland only has an honorary consulate in the country, which is being run by Ramon K. Ilusorio.
Philippine Economic Zone Authority (Peza) Director General Lilia B. de Lima, who was also present during the luncheon, said there are now 20 Nordic companies operating in Peza zones, with 12 of them coming in last year.
De Lima added that there are now 344 economic zones in the country hosting 3,600 companies. She said that within Peza there is no red tape, and no graft and corruption.
Others present during the luncheon were Labor Secretary Rosalinda D. Baldoz and Magsaysay Group of Companies chief executive officer and Apec Business Advisory Council Chairman Doris Magsaysay Ho.
Image credits: Alysa Salen