October 28, 2024 | 12:00am
MANILA, Philippines — A delegation of Finnish companies is exploring business opportunities in the Philippines in the energy, infrastructure and waste management sectors.
Ville Tavio, Finland’s minister for foreign trade and development, led a business delegation of Finnish companies interested in opportunities in the Philippine market.
Tavio was in the country from Oct. 24 to 25, with a business delegation composed of representatives from door manufacturer Champion Door Oy, development financier Finnfund, export credit agency Finnvera Plc, smart solutions provider KONE, engineering and consultancy firm Ramboll Finland Oy, software-enabled satellites provider ReOrbit, energy and marine solutions provider Wärtsilä Corp. and the Smart City Innovation Cluster.
Tavio said Finnish companies are interested in the Philippines, as it is one of the fastest growing economies in Southeast Asia.
“The Philippine market offers a lot of untapped potential for Finnish companies. The current Philippine administration focuses on clean transition and revision of energy policies, aiming to expand the use of renewable sources and enhance energy efficiency. In addition, the Philippine government prioritizes infrastructure development,” he said, noting these priorities and goals present numerous opportunities for Finnish companies in multiple sectors.
He said Finnish companies part of the business delegation are interested in opportunities to build power plants and waste management centers, as well as participate in building new airports in the country.
“Our visit provides a great opportunity to display Finnish know-how and to increase our understanding of the needs of Philippine society. I am confident that this visit will lead to fruitful connections and collaboration in search for common solutions for our mutual benefit,” he said.
During the visit, Tavio also met with Foreign Affairs Secretary Enrique Manalo and Trade Undersecretary Ceferino Rodolfo to discuss trade policies, including the negotiations for the European Union (EU) – Philippines free trade agreement (FTA).
“So we are pushing these negotiations to move forward. And I’m doing everything on my capability in the EU to take this up so that we could get the negotiations proceeding and successful. These FTAs are basically the trade framework which we need to build in order to grow the trade,” he said.
Negotiations for the FTA between the EU and the Philippines resumed earlier this month after being put on hold since 2017.
Tavio said Finnish exports to the Philippines amounted to 140 million euros last year, with high-tech machinery being the top product being exported.
Meanwhile, the Philippines exported 120 million worth of goods to Finland with machinery, fruits and minerals as the biggest exports.
Tavio said Finland sees opportunity in bringing its food products to the Philippines like meat products and baby milk powder.
He said trade between Finland and the Philippines is expected to grow after the conclusion of FTA negotiations between the EU and the Philippines.
With Vietnam, which has an FTA with the EU, he said trade has increased by 10 percent every year and the same may be expected in the Philippines.
“I think you are a very promising country in terms of economic growth,” he said.
As the Philippines is building bigger cities and aiming to have a cleaner environment, he said it will need to invest in more renewable energy plants, waste management solutions and water cleaning facilities, areas where Finnish companies can offer expertise.
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