Czech companies see Philippines as ‘very interesting’ market for export, investments

THE Czech Chamber of Commerce sees the Philippines as a “very interesting” market for the Czech economy as the European country looks into spreading out its export activity after bearing the brunt of a series of crises in Europe.

“I want to say that Czech economy’s oriented very much to Europe. 70 percent of GDP and especially Germany, 35 percent. We must spread out export activity because it’s too dangerous for us when there’s a crisis in Europe so I think that Philippines is very interesting for us and we want to orient here,” Michal Stef l, Vice President of Czech Chamber of Commerce told reporters on the sidelines of Czech Republic’s business mission with Philippine companies on Wednesday.

In a statement on Wednesday, the Czech chamber said it is keen on expanding their business engagements beyond European markets, especially in the Philippines, which it said is considered by Czech companies as a “great potential haven of investments.”

According to the chamber, this business mission, being the first “installation” of the 2023 Business Conference and business-to-business event, was participated by over 80 business leaders from different organizations across the country.

Meanwhile, for his part, Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon said in his speech during the business mission, “To expand our two-way trade, the areas to explore and invest in the Philippines include agriculture, manufacturing, mass transportation, construction, mining, renewable energy, and many more.”

Moreover, the head of the “voice of business” in the country invited visiting Czech companies to “learn more about the Philippines moving towards special economic zones around the Philippines which provide tax incentives for locators.”

Board of Investments (BOI) Director for International Investments Promotions Services Lanie O. Dormiendo pitched to the Czech companies the priority industry clusters for 2022 to 2028, namely, the Industrial, Manufacturing and Transport (IMT); Technology, Media and Telecommunications (TMT); and Health and Life Sciences (HLS).

The BOI official also shared that according to the Philippine Statistics Authority (PSA), Philippines has “51.2 million human resource pool,” adding that the country’s work force has “young, technology savvy, adaptable and English language proficient” workers.

“The Philippines is an ideal regional hub for innovation-driven and sustainable manufacturing and services industries, having a large pool of cost-competitive skilled labor force,” the presentation slide of Dormiendo read.

The Czech chamber revealed that the companies who were part of the business mission from the Czech Republic include AZD Praha, CREA Hydro & Energy Crocodille ČR, Elektro SMS, Export Guarantee and Insurance Corporation, GRAPECARE LTD, PERSPEKTIVA Znojmo, Prague Investment Corporation, SAZ, IPOLT CZ, WASTEN, DODEX, Enress , ESSENCE LINE, and Czechtrade.

Further, the chamber identified technology, transportation, and energy sectors as their key priority areas in forging business partnerships in the Philippines.