New Zealand and Philippines forge stronger economic ties

New Zealand Prime Minister Christopher Luxon and a contingent of Kiwi business leaders recently participated in a business matching forum in the Philippines, signaling a robust interest in investment opportunities and strengthening bilateral trade relations.

Hosted by the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), the Department of Trade and Industry (DTI), and the Board of Investments (BOI), the event aimed to showcase the Philippines as an ideal destination for New Zealand’s businesses, with a particular focus on renewable energy, tourism, pharmaceuticals, electronics, mining, steel, and food industries.

Prime Minister Luxon acknowledged the shared interests and mutual benefits of stronger economic partnerships. “By establishing relationships, we learn more about each other, explore new opportunities, and achieve exceptional outcomes,” he stated.

Secretary Frederick D. Go, briefing the New Zealand business delegates, noted that “There has never been a better time to invest in the Philippines,” citing strategic reforms and the country’s demographic advantage.

Secretary Go highlighted the administration’s commitment to public-private partnerships, referencing the newly enacted PPP Code that updates the decades-old Build-Operate-Transfer Law, aiming to propel transformative infrastructure partnerships.

Trade Secretary Fred Pascual pointed out the significance of free trade agreements like AANZFTA and RCEP in bolstering growth and emphasized the Philippines’ strategic position as a gateway to ASEAN. He encouraged the New Zealand delegates to partake in the Philippine economy’s growth and invited them to the upcoming Indo-Pacific Business Forum (IBPF) for more investment opportunities.

Sabin M. Aboitiz, representing the Private Sector Advisory Council (PSAC), applauded the public-private sector collaboration under President Marcos’s administration and expressed PSAC’s commitment to enhancing Philippines-New Zealand economic ties.

During the event, discussions unfolded on elevating partnerships in food and beverage, infrastructure, technology, manufacturing, tourism, and education. As of April 2024, New Zealand investments in the Philippines have reached Php 33.14 billion, predominantly in the IT-BPM and manufacturing sectors.

Trade between the two nations has been fruitful, with the Philippines ranking New Zealand as its 28th trading partner, with total trade valued at US$495.37 million in 2023. The top exports from the Philippines to New Zealand include fresh produce and electronics, while key imports consist of dairy products and cheeses.

The event marked a promising step towards a mutually beneficial future, highlighting the potential for increased collaboration and investment between the two countries.