THE Department of Trade and Industry (DTI) highlighted certain areas of collaboration with Thai companies, such as garments, retail, medical and retirement tourism. This was revealed during its October 10 meeting with the Thailand-Philippines Business Council, led by Chairman Visit Limprana.
“As Asean neighbors, we can see a lot of possible investment collaborations between Filipino and Thai businesses. The industries we’ve mentioned—like garments—are very promising, considering our massive domestic consumer market, growing middle-class earners, and the growing manufacturing industry complemented by our rich pool of talents and professionals,” Trade Secretary Ramon M. Lopez said.
Lopez underscored the Philippine growth story and the government’s reforms to promote ease of doing business, as well as the massive infrastructure program to facilitate trade, open new markets and develop growth centers. He encouraged the business delegation to expand their manufacturing operations in the Philippines and widen its market access to other trading partners.
Meanwhile, Limprana expressed his appreciation to the Philippine government for participating in the business forum organized for Thai businesses and said they are looking forward to collaborate with Philippine businesses in the future.
Thailand-Board of Investment Senior Investment Advisor Pannee Chengsuttha also relayed to DTI officials their drive to encourage Thai businesses to invest in other partner countries, like the Philippines. Likewise, they intend to invite Filipino conglomerates to expand their businesses in Thailand.
Bangkok Bank VP and Branch Manager Nattika Kanpawong conveyed Bangkok Bank’s support to assist Thai investors coming into the Philippines. Bangkok Bank currently has a branch in Makati.
In 2017, Thailand was the Philippines’s seventh trading partner, seventh export market, and fifth import source. Compared to 2016, Philippine exports to and imports from Thailand climbed 25.5 percent and 2.8 percent, respectively, last year. Also, approved investments from Thailand totaled P363.6 million in 2017.