Trade and Industry Minister Alfredo Pascual said there are many investment opportunities for business partners in Israel.
Minister of Commerce Alfredo Pascual. Contribute image
Speaking at the 26th general meeting of the members of the Israel Chamber of Commerce in the Philippines, Pascual said that Israeli investors continue to find the Philippines as a suitable destination for investment.
“Through similar initiatives, Israel – which leads in innovation capabilities – and the Philippines – a developing country that has made innovation a national priority – may explore strengthening their cooperation to pave the way for pioneering technologies and products,” Pascual said. .
He also noted that the opportunity for Israel and the Philippines to work together lies in DTI’s strategic priority to reconfigure Philippine export sectors into industrial clusters and position the manufacturing sector in areas where the Philippines has strategic advantages.
“DTI will reshape its export sector to prioritize industrial sectors into three clusters: the Industry, Manufacturing and Transportation (IMT) cluster; the Technology, Media and Communications cluster (TMT); and the Health and Life Sciences (HLS) cluster,” he explained.
Pascual said the IMT group provides the Philippines with promotion opportunities in the areas of aviation, automobiles and semiconductors. Israel will be able to partner here to help expand and develop the IMT group.
In the TMT group, you will provide the Philippines with opportunities from the digitization of services. This refers to data centers, the business process outsourcing (BPO) sector, hypercalers and other things related to digitalization.
The HLS Group, which is playing a strategic security role due to the recent effects of the pandemic, is another priority that Israeli businessmen must consider. Pascual emphasized that President Ferdinand “Bong Bong” Marcos Jr. has made the development of health and life sciences a personal priority to give Filipinos the best healthcare under PhilHealth.
Pascual said the Ministry of Commerce and Industry will implement measures to boost investment and competition in logistics and communication services to ensure smooth transactions for investors.
“In conclusion, our roadmap for economic transformation is characterized by an understanding of the need to respond to business opportunities and the need to allow science, technology and innovation to drive our growth. Let us strengthen cooperation between companies from the Philippines and Israel I assure you that we can make it happen in the Philippines.”