The Philippine Economic Zone Authority (PEZA) recently concluded a successful investment mission to Germany, securing potential expansions and new investments from leading German companies.
The PEZA delegation met with one of the world’s largest producers of electronic components for various industries, including automotive and medical, on expanding their Philippine presence.
PEZA said it also held talks with a pharmaceutical powerhouse engaged in life sciences, healthcare and electronics and a company specializing in pharmaceutical lab and medical equipment calibration, which is currently finalizing its application to join economic zone agency.
A global leader in discrete semiconductors and passive electronic components, crucial for advancements in automotive, industrial and medical technologies, also expressed interest in expanding their Philippine operations to accommodate new product lines.
PEZA collaborated with the Philippine Trade and Investment Center (PTIC) Berlin to bring one of the biggest industrial gas producers in Germany to the Philippines.
It also coordinated with the German-Philippine Chamber of Commerce and Industry (GPCCI) for the upcoming business forum on May 29, 2024, focusing on sustainability in the Philippine economy.
Meetings with the Department of Tourism (DOT) Frankfurt aimed to explore collaboration in promoting the Philippines to German companies in sectors like electronics, pharmaceuticals, IT-BPM, automotive, and tourism facilities.
Germany consistently ranks as a top trade and investment partner for the Philippines, with foreign direct investment inflow reaching $149.89 million and foreign-approved investments hitting P394 billion in 2023.
PEZA houses 37 German locator companies, generating over P30 billion in investments and creating more than 20,000 jobs.
“With President Marcos as our best salesman and with Germany as our top trading partner, we are positive that more German investments will enter the Philippines and help in our goal of making the country the go-to investment haven in the region,” said PEZA director-general Tereso Panga.