The Philippines is a prime investment destination. This is the message at the heart of the Board of Investments’ (BOI) role and participation at the 22nd China International Fair of Investment and Trade (CIFIT), the largest global investment event in China.
Opening today, September 8, 2022, CIFIT is the only international investment promotion event aimed at facilitating bilateral investments. BOI is bringing it “Make it Happen in the Philippines” (MIH) spirit to the trade fair, seeking to promote opportunities that await prospective investors in high technology manufacturing industries, such as electronics manufacturing services, medical devices, electric vehicles, battery manufacturing, green metals, hyperscale computing, innovation & start-ups, and renewable energy, among others.
BOI and the Philippine Trade and Investment Centers in China (PTIC) have jointly organized the Philippine visits to CIFIT since 2020; the country’s outing this year marks their third collaboration under the MIH brand. The MIH investments promotion branding was officially launched in November 2020, and was influenced by two principles: traditional business wisdom, and the distinct Filipino commitment to making things work despite difficulties.
“Global Development: Sharing Digital Opportunities, Investing in Green Future” is the central message of this year’s CIFIT. The fair seeks to showcase multilateral and bilateral cooperation, providing a platform that facilitates international investment. The themes were approved by the Global Association of the Exhibition Industry.
Based on the report by PTIC – Guangzhou in China, an estimated 2,000 individuals visited the Philippine Pavilion at last year’s CIFIT. The country’s efforts then generated a total of 64 project proposals, 37 of which have estimated project costs of PHP 506 billion. In addition, the Philippines conducted supporting events like the Philippine Investments Forum, PEZA-86Links Industrial Parks Forum, Philippine Construction, and Infrastructure Investment Opportunities Forum, as well as a roundtable and one-on-one meetings during CIFIT 2021.
The country’s participation in CIFIT builds up the country’s standing as a preferred investment location for Chinese companies. It moreover reflects the government’s recognition of China as a priority market.
The Philippines has been the Guest Country of Honor for two consecutive years, in 2020 and 2021–an honor shared by no other country in the event’s history. The investment fair is to run from September 8 to 11 in Xiamen, China.
With great enthusiasm, the BOI and PTIC China are inviting all interested investors to visit the Make it Happen in the Philippines booth, located at Booth C312, Hall C at the Xiamen International Conference & Exhibition Center (XICEC), where they shall be introduced to the Philippines’ diverse set of investment opportunities.
DTI Sec updates global community on PH economic climate
Department of Trade and Industry (DTI) Secretary Alfredo Pascual delivered a speech at the 21st World Business Leaders Round Table Meeting (WBLRTM), during which he reported on the Philippines’ economic priorities and reforms aimed at strengthening PH-China relations. Secretary Pascual also noted complementation efforts, as seen in recent regional Free Trade Agreements, and Philippine participation in the Regional Comprehensive Economic Partnership.
The WBLRTM was initiated in 2002 and is one of the most important parallel business forums affiliated with the annual CIFIT. WBLRTM has held 20 sessions so far, attracting numerous global government and business leaders, scholars, and professionals.
Anchored on the theme, “RCEP – A New Vision for Regional Cooperation and Development” with focused discussions on building a unified regional market, revitalizing trade and investment, jointly promoting the development of digital trade, and exploring new economic opportunities.