Department of Trade and Industry (DTI) Secretary Alfredo Pascual said there are many investment opportunities in Israel for business partners.
Speaking at the 26th General Meeting of the Israeli Chamber of Commerce in the Philippines, Pascual said Israeli investors continue to see the Philippines as a suitable place to invest.
“Through similar initiatives, Israel, which is at the forefront of innovation capacity, and the Philippines, a developing country that has made innovation its national priority, can explore strengthening their cooperation to pave the way for innovative technologies and products,” Pascual said. .
He also mentioned that the opportunity for Israel and the Philippines to work together is due to DTI’s strategic priority of reconfiguring Philippine export sectors into industry clusters and locating the manufacturing sector in areas where the Philippines has strategic advantages.
“DTI is reconfiguring its export sector to prioritize industrial sectors in three clusters: Industry, Manufacturing and Transportation (IMT) Cluster, Technology, Media and Telecommunications (TMT) Cluster and Health and Life Sciences (HLS) Cluster,” — he explained.
Pascual said the IMT cluster provides the Philippines with upgrade opportunities in the aerospace, automotive and semiconductor industries. Israel will be able to cooperate here to help expand and develop the IMT cluster.
In the TMT cluster, it will provide the Philippines with services digitization capabilities. This applies to data centers, the BPO sector (business process outsourcing), hyperscalers and other things related to digitalization.
The HLS cluster, which plays a strategic role in security due to the recent effects of the pandemic, is another priority that Israeli businessmen should pay attention to. Pascual stressed that no less than President Ferdinand “Bongbong” Marcos Jr. made it a personal priority to advance the health and life sciences to provide Filipinos with the best medical care through the PhilHealth program.
Pascual said DTI will take steps to increase investment and competition in logistics and communications services to ensure seamless transactions for investors.
“In conclusion, our roadmap for economic transformation is characterized by an understanding of the need to respond to business opportunities and a commitment to allowing science, technology and innovation to drive our growth. Let’s strengthen cooperation between companies from the Philippines and Israel. I assure you we can do it in the Philippines,” he said.