Trade Secretary Fred Pascual encouraged German companies to invest in the Philippines during a meeting organized by the German Federal Ministry of Economic Affairs and Climate Action in collaboration with the Asia-Pacific Committee of German Business and DTI-Berlin.
In his remarks before a combined delegation from both government and the private sector led by Federal Minister for Economic Affairs Mr. Robert Habeck and Chairman of the Asia-Pacific Committee of German Business Roland Busch, Pascual cited the country’s 3rd quarter GDP growth of 7.6%, coupled with the government’s legislative reforms.
“Foundational strengths that include a large pool of young, vibrant, and trainable workforce and a much-improved infrastructure are significant reasons for German companies to consider the Philippines in their supply and production diversification strategies,” the trade chief said.
“I also sought the support of Germany in the Philippines’ application for the renewal of the EU GSP+.”
Likewise, the trade head sought the support of Germany in the Philippines’ application for the renewal of the EU GSP+.
Habeck was joined by leaders from various industries that included Roland Busch, CEO of Siemens; Peter Rankl, President of Continental; Axel Stepken, Chairman of the Board of Management, TUIV-Sud; Silke Klausen, Regional Representative Asia-Pacific, Thysssenkrupp AG; and Christopher Zimmer, Executive Director, German-Philippine Chamber of Commerce and Industry.
The public-private discussion between the two economies happened on the sideline of Pascual’s participation in the 17th Asia Pacific Conference of German Business (APK) in Singapore held recently at the Raffles City Convention Center.