Opportunities for Swedish businesses in the fastest growing economy in ASEAN: THE PHILIPPINES

Opportunities for Swedish businesses in the fastest growing economy in ASEAN:  THE PHILIPPINES

31 August, Stockholm - In connection with the forthcoming opening of the Swedish embassy in Manila in November this year, the Swedish MFA and Business Sweden, including the Philippine embassy, organized a business opportunities seminar aimed at encouraging Swedish enterprises to join the business delegation to be led by Swedish Minister for Enterprise Mikael Damberg who is expected to be in Manila on 7-9 November to formally inaugurate the new Swedish embassy.

At the seminar, Swedish officials such as Mr. Oscar Stenström, the State Secretary of the Swedish Ministry for Foreign Affairs, Ms. Ylva Berg, CEO of Business Sweden and the incoming Swedish Ambassador to the Philippines, Mr. Harald Fries, lauded the impressive economic growth of the Philippines and the overall optimistic business and investment environment in the region. They noted the increase and expansion of Swedish businesses already established in the Philippines and pointed out the opportunities for Swedish expertise that would complement the various growth sectors in the Philippines.

Philippine Trade and Investment Center representative Mary Borromeo-Hedfors presented opportunities for Swedish businesses under the EU GSP+ status of the Philippines, the prospects provided by the forging of the Philippines-EFTA agreement and the economic consolidation under ASEAN Economic Community.

The seminar also heard testimonials from the Business Sweden representative in Asia, a representative of the Swedish Civil Contingencies Agency (MSB), as well as from Swedish companies that have long established in the Philippines, such as Ericsson and Transcom, representing the BPO sector.

Among the issues raised during the open forum were the support that can be extended to Swedish SMEs for internationalization; the need to promote Swedish higher education institutions to Filipinos; and further opportunities for Swedish healthcare companies in the Philippines.