Several Swedish companies are now keen on venturing in various infrastructure projects and industries that are gaining traction in the Philippines due to the country’s booming economic performance.
Ulf Wennbloom, Country Manager of Business Sweden in the Philippines, said infra spending due to BBB is increasing and will continue to gain importance to the local economy in the years to come.
“Swedish suppliers that can offer equipment, solutions, and services for critical applications will be able to find a good, profitable and high growth market for years to come in the Philippines,”
He cited airport projects and technologies is one area Sweden is looking into.
“Airport projects, that’s one area that are of very much interested in with regards to building infrastructure. For example, construction equipment but for technology of the airports also, that’s innovative technologies to keep the airports safe,” he added.
Furthermore, he added that Swedish firms will take an interest in urban transport, especially bus rapid transportation, road and bridge construction, as well as on smart city concept to support regional capitals.
Apart from infra, Wennbloom noted manufacturing, retail and e-commerce, and information technology-business process management (IT-BPM) as other points of interests.
A report titled “Philippines – Open for Business” published by Business Sweden said the manufacturing sector in the Philippines is expected to grow steadily in the coming years.
“It will be a priority investment area for both the public and private sector, given that it has higher employment, income and output multipliers compared to other industries,” it said.
Wennblom further said two to three Swedish companies are entering the Philippine market every year.
“That’s very positive and we think the trend will continue even more because of the economic fundamentals here and because of the positive outlook,” he added.
For his part, Ambassador Harald Fries of the Embassy of Sweden in Manila is optimistic that more Swedish companies will do business in the Philippines.
“Even some Swedish companies are looking at the Philippines to set up plants. These are some examples of which is also a good sign that they believe in the Philippines long term; they are willing to start up manufacturing here,” he said in an interview.
Fries said there are 20 large Swedish multinational companies, and 30 to 40 small and medium enterprises (SMEs) that have established in the Philippines.
Source: Philippine News Agency
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