(Pilipino Star Ngayon)
MANILA, Philippines – The United Kingdom (UK) expects to double trade with the Philippines in the next five years, citing increasing interest from both parties for goods and services.
“We expect to see trade in both directions double…in the next five years,” UK Minister of State for Trade and Investment Lord Stephen Green of Hurstpierpoint said in a press conference yesterday.
This, as he noted that there is interest for products and services from both countries.
Two-way trade of goods and services of the UK and the Philippines reached 1.2 billion pounds as of 2012.
Lord Green said that in line with increasing trade between the two countries, the Philippines is set to send a trade mission to the UK next month.
Through the trade mission, the Filipino firms could check out opportunities there.
“We’re hoping that there will be a big number of Filipino businesses joining that trip. The purpose of that is to look for opportunities in Britain,” he said.
Lord Green’s visit here is part of the UK government’s commitment to strengthen its relations with the Philippines.
During his visit, Lord Green met with Philippine counterparts to discuss the trade mission to the UK next month.
He likewise met with senior business leaders to discuss potential commercial opportunities and partnerships.
Trade undersecretary Ponciano Manalo Jr. said there is opportunity for the Philippines to increase its exports to the UK.
“The UK is a big market for auto parts,” he said.
“On top of BPO (business process outsourcing), we are also looking at the creative services area, as well as food,” he added.
Industrial machines are the UK’s top export to the Philippines, while the Philippines’ top export to the UK are electronic products.
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