THE Philippine agriculture and resources industries are considered by Australia to be the most attractive areas for investment, the Australian Embassy in the Philippines said on Tuesday.
At a briefing accompanying the release of a report, “Invested: Australia’s Southeast Asia Economic Strategy to 2040,” Australia’s Special Envoy for Southeast Asia Nicholas Moore identified 10 priority industries for investment in the region.
The 10 industries are agriculture, resources, green energy transition, infrastructure, education and skills, visitor economy, healthcare, digital economy, professional and financial services and creative industries.
The embassy’s Deputy Head of Mission, Moya Collett cited agriculture and resources as the industries to focus on in the Philippines.
“All the ones mentioned have strong relevance in the Philippines. As you know, there’s a lot of potential to do more in agriculture and resources,” Ms. Collett said in response to a query about areas of focus for the Philippines.
She added, however, that there will also be significant interest in the Philippine green energy transition.
“Australia wants to be a clean energy superpower. We really want to export our clean energy to the world and invest more in green energy in the region and the Philippines absolutely should be part of that,” she said.
She noted the Philippine government’s openness to foreign investment in green forms of energy.
“The Philippines has recently opened up the sector to foreign investment, so that’s the key that makes it much easier for Australians to invest,” she said.
Ms. Collett described Philippine government policy on attracting investment as being on the right track.
“We really see that the current administration has actually done a lot. There are a lot of processes underway at the moment to open up the Philippines for greater foreign investment, for example, and to improve the ease of doing business and competition,” she said.
“I think the government in the Philippines is absolutely on the right track in terms of integrating the Philippines with the rest of the region and opening up to Australia. So, we want to take advantage of those opportunities,” she added.
Australian trade with Southeast Asia comprises 14% of its total trade over the past 20 years, according to Ms. Collet.
“While Australia’s trade with the region has grown over the past 20 years, the proportion of total trade has remained constant at 14%,” she said. — Justine Irish D. Tabile
