PH has become an exciting economy - UK trade minister
MANILA, Philippines - The United Kingdom hopes to double trade with the Philippines in the next five years.
In an interview on ANC, Minister of State for Trade and Investment Lord Stephen Green said there are many opportunities for Philippine companies in the UK, as well as British firms in the Philippines.
"I think we should be targeting doubling (trade) both ways over the next 4 or 5 years. Because there's a great deal of opportunities in both directions," he said.
He noted British firms could explore opportunities in the oil and gas sector in the Philippines, as well as retail, financial services and education.
"I think there's plenty of potential and that's because the Philippines is a growing economy. You've seen very strong growth in recent years, there's plenty of liquidity in the economy, the great success of the OFW remittances into the economy. This means that I think there are more opportunities for consumers to realize their aspirations, opportunities to invest more in the Philippines economy. Britain is the largest European investor in the Philippines but actually those numbers are still relatively low and I'd like to see them grow," Lord Green said.
A Philippine trade mission is set to visit the UK in the next few weeks. Lord Green said this would be an opportunity to introduce the "new Philippines" to British businessmen.
"(Trade) Secretary Domingo will be leading the visit. A number of big Filipino business will be represented on that. I think it's an important opportunity to showcase the new Philippines, if I can use that phrase, to the British business people up and down Britain that don't recognize enough what an exciting economy the Philippines has become," he said.