UK-Philippines Virtual Trade Mission kicks off on October 14
By Alithea De Jesus
Given the unusual situation across the globe brought by the COVID19, the traditional annual trade mission done by the British Chamber of Commerce Philippines will be held via a virtual trade mission.
Speaking to THEPHILBIZNEWS, BritCham Philippines Executive Chairman Chris Nelson said, “We want to take advantage of the momentum of the interests that have been expressed by various companies in the UK. Hence, even with the pandemic what we use to do in the past years will remain.”
“The Philippines is a strong player in the global economy, driven by its growing young and working population. Continuous interest by UK companies in the local market brought total trade between the two countries to USD 1.3 billion in 2019, placing the UK as the 18th largest trading partner of the Philippines,” Mr. Nelson added.
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The British Chamber will bring investors and local companies together through virtual one-on-one sessions. Focus sectors include business services, food and drink, retail, and advanced manufacturing.
“The Virtual Trade Mission may be something we are all not used to do. But we have to focus on our goal to bring in more investors in the Philippines from the UK and remind them that we have opportunities awaiting them,” he added.
“And hopefully, the laws we have been wanting to be enacted will happen soon, given the fact that there are some retail companies that are considering to expand to the Philippines. When the Retail Trade Law Act is amended and reduced the minimum paid-up capital requirement for foreigners, we can get a lot of investment from foreign retailers,” the Executive Chairman of the British Chamber of Commerce Philippines concluded.
Read related stories:
https://thephilbiznews.com/british-chamber-reveals-opportunities-await-in-ph-to-uk-chambers/
https://thephilbiznews.com/lower-capital-for-ph-foreign-retailers-sought/
