Italy plans to expand the export of high-quality fashion and lifestyle goods to the Philippines, signaling a move to deepen economic and cultural ties with Southeast Asia.
Italy’s Ministry of Foreign Affairs director-general for country promotion Mauro Battocchi highlighted the potential for increased trade during a high-level business delegation to Manila.
“There’s great potential for exporting Italian consumer goods – fashion, food, furniture. These elements define Italy as a lifestyle reference worldwide, and as the Philippines opens up more to the world, there is a growing interest in Italian goods,” Battocchi said Wednesday at the sidelines of the two-day high-level dialogue on ASEAN-Italy Economic Relations in Manila from Nov. 5 to 6, 2024.
The push is poised to strengthen the economic relationship between Italy and the ASEAN region, with Italian investments in the Philippines valued at around 700 million euros.
Battocchi said while these figures are promising, there is room for further growth.
Italy is especially focused on sectors such as green technology and machinery designed for agricultural advancement.
Philippine Trade Undersecretary Rafelita Aldaba emphasized the tangible outcomes of the relationship, pointing to a rise in trade between ASEAN and Italy.
Bilateral trade reached notable levels in 2021, with Italian exports to ASEAN totaling 11 billion euros and ASEAN exports to Italy reaching 9 billion euros.
Aldaba said the Philippines is strategically positioned to benefit from the partnership given its youthful, tech-savvy workforce and ongoing commitment to sustainable development.
The potential for collaboration spans various sectors, including renewable energy, digital technology, and sustainable infrastructure.
Italian businesses are increasingly looking at investment opportunities in the Philippines, particularly in machinery and technologies aimed at modernizing agriculture and supporting the country’s goal of inclusive economic growth.
Both countries are optimistic that their partnership will yield substantial economic and cultural benefits.
