MANILA - The Philippines and the United Kingdom have agreed to double trade in the next five years amid growing interest for partnerships among Filipino and British businessmen.
In a press conference today, UK Minister of State for Trade and Investment Lord Stephen Green of Hurstpierpoint said two-way trade between the two countries has much room to grow as volumes remain minimal.
UK Trade and Investment (UKTI) data showed that two-way trade of goods and services reached £1.2 billion or P82 billion last year.
With increasing awareness about the opportunities that both countries can offer each other, Green said it would be easy to jack up trade and investments in the coming years, especially in the business process outsourcing (BPO), engineering, financial and retail sectors.
"We expect to see trade in both directions to double in the next five years," Green said.
The UK trade chief said more British businessmen are interested in the Philippines following its record economic expansion.
"The story of the Philippines needs to be more actively told," he said.
Philippine Trade Undersecretary Ponciano C. Manalo Jr. said four export sectors present opportunities for wider partnership between the two countries, namely, automotive parts, BPO, creative industries and food.
Finance Secretary Cesar V. Purisima said the UK may serve as the gateway for Filipino businessmen setting their sights at the European Union (EU).
"The EU remains the largest economic zone but is underrepresented in our trade. Despite the economic difficulties in that area, we welcome opportunities from the UK and the EU in general," Purisima said.
source: interaksyon.com
