NZ delegation cites interest in fintech tie-ups

NEW ZEALAND (NZ) companies accompanying visiting Prime Minister Christopher Luxon have indicated interest in participating in Philippine technology projects in the financial, environmental, and health industries, Mr. Luxon said.

In a statement, Mr. Luxon, who was in Manila last week, said: “Over the past decade, the New Zealand tech sector has more than doubled, making it the country’s second-largest export earner after dairy. Fintech stands out as the fastest-growing and highestgrossing subsector,” he added.

New Zealand companies are also looking to partner in renewable energy projects and develop Philippine hydrogen and geothermal capabilities.

He said other points of interest were green finance and investment, sustainable infrastructure, agriculture and agri-tech, and eco-tourism.

In a briefing, Trade Secretary Alfredo E. Pascual said after meetings with Mr. Luxon that the Department of Trade and Industry (DTI) pitched his delegation on Philippine market conditions.

“New Zealand producers are now thinking of investing here, but nothing specific yet,” Mr. Pascual said. “We highlighted to them the selling points of the Philippines: the large population, growing middle class, young workforce, and rich natural resources.”

“We just highlighted to them the areas where we want them to consider investing, which are tourism, food and agribusiness, semiconductors, and critical minerals,” he added.

Mr. Pascual said that New Zealand’s strengths include agribusiness and resort development.

“They are strong in agribusiness... they also have resort developers who can develop here. Right now, there is also no direct (air) link between the Philippines and New Zealand… that is also something that they may look at,” he added.

The Philippines was New Zealand’s 23rd-largest trading partner, with two-way trade totaling New Zealand $1.4 billion for 2023.