ID :
167378
Fri, 03/11/2011 - 09:45
Auther :
Shortlink :
https://oananews.org//node/167378
The shortlink copeid
Singapore firms encouraged to tap growth opportunities in Philippines
SINGAPORE, March 11 (Bernama) -- Singapore companies are encouraged to continue to take advantage of the growth opportunities in the Philippines and ride on its strong post-crisis recovery.
Singapore Minister for Trade and Industry, Lim Hng Kiang, said Philippines' economy has recovered strongly from the global financial crisis, to register a 7.3 per cent gross domestic product growth in 2010.
"The Philippines' continued attractiveness as an investment destination is evident from the strong rebound in foreign direct investments (FDIs) into the country," he said at the Singapore Business Federation-International Enterprise Eminent Leaders Lecture here Friday.
The event, entitled "The Philippines –- Partnership for Progress", was held in conjunction with the visit of the Philippines President Benigno S. Aquino III, who also delivered a keynote address.
Lim said in 2010, total inward FDIs rose 62 per cent year-on-year.
"The strong rebound in FDIs not only underscores international investors’ confidence in the Philippines’ economic potential but also marks the government’s commitment to create a conducive, pro-business climate," he said.
He said in 2010, bilateral trade rose 51 per cent year-on-year to reach S$22.3 billion (US$17 billion) making Singapore the Philippines’ fourth largest trading partner.
He said Singapore companies’ investments in the Philippines had also been on the rise.
Singapore Minister for Trade and Industry, Lim Hng Kiang, said Philippines' economy has recovered strongly from the global financial crisis, to register a 7.3 per cent gross domestic product growth in 2010.
"The Philippines' continued attractiveness as an investment destination is evident from the strong rebound in foreign direct investments (FDIs) into the country," he said at the Singapore Business Federation-International Enterprise Eminent Leaders Lecture here Friday.
The event, entitled "The Philippines –- Partnership for Progress", was held in conjunction with the visit of the Philippines President Benigno S. Aquino III, who also delivered a keynote address.
Lim said in 2010, total inward FDIs rose 62 per cent year-on-year.
"The strong rebound in FDIs not only underscores international investors’ confidence in the Philippines’ economic potential but also marks the government’s commitment to create a conducive, pro-business climate," he said.
He said in 2010, bilateral trade rose 51 per cent year-on-year to reach S$22.3 billion (US$17 billion) making Singapore the Philippines’ fourth largest trading partner.
He said Singapore companies’ investments in the Philippines had also been on the rise.
