Trade between the Philippines -Germany is eager to witness significant growth this year, powered by major investments in the aviation and renewable energy sectors, according to the German-Philippine Chamber of Commerce and Industry (GPCCI).
GPCCI president and board chairman Stefan Schmitz expressed confidence that trade between the Philippines and Germany will surpass the $4.7 billion recorded last year, cementing Germany’s position as the Philippines’ huge trading partner within the European Union.
Schmitz attributed this bright outlook to several factors, including the P15-billion expansion of aircraft maintenance, repair, and overhaul (MRO) provider Lufthansa Technik Philippines and the recent amendment to the Renewable Energy Act of 2008, which now permits foreign entities to fully own renewable energy firms in the Philippines.
“We have this game changer in the new law that we can own 100% (in renewable energy). I think Germany’s quite good at this technology, so we expect good business,” Schmitz emphasized.
The Joint Foreign Chambers of the Philippines (JFC) recently launched its ambitious goal of attracting $128 billion worth of foreign direct investment into the Philippines by the end of 2030, citing legislative reforms and the government’s prioritization of infrastructure development as key drivers.
According to the JFC president, the Philippines is a dynamic and thriving market with a strong dedication to economic growth. They are enough confident that foreign investors will continue to view the Philippines as an attractive platform for their businesses.
To further bolster trade and investment relations between the two countries, the GPCCI will host the ‘Mabuhay Germany’ fair from November 16 to 18 at the World Trade Center in Pasay City. The fair will highlight the latest German products and technologies in the areas of renewable energy, building, construction, and infrastructure; government and public administration; and education and training.
The burgeoning partnership between the Philippines and Germany underscores the strong economic ties between the two nations and their shared commitment to sustainable development and innovation. As the Philippines continues to modernize its infrastructure and expand its renewable energy sector, Germany is poised to play a pivotal role in driving economic growth and job creation in the country.
IMEX SECTOR | Canada-UK Trade Stalls Over Cheese, Beef Disagreements
