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Advocates Philippines
President Marcos Secures Over USD 4B Investment Deals In Germany
Photo credit: PCO
President Ferdinand R. Marcos Jr. has secured investment deals worth at least USD 4 Billion or P220 billion during his three-day working visit to Germany. These agreements span across various sectors and signify a significant boost to Philippine-German economic ties.
The investment deals were sealed during the Philippine-Germany Business Forum in Berlin, orchestrated by the Department of Trade and Industry (DTI) on Tuesday, marking a pivotal moment in bilateral relations.
Among the eight agreements inked, three are Letters of Intent (LOI) from prominent German companies. One LOI aims to establish a partner hospital as a training center, while another focuses on the development of an Innovation Think Tank (ITT) hub to foster an inclusive innovation ecosystem in the Philippines. The third LOI targets a strategic and digital partnership in healthcare, promising to revolutionize the sector in terms of safety, quality, accessibility, and affordability.
Furthermore, two Memoranda of Agreement (MOA) were signed, including one between the Philippine government and a German company for the rehabilitation and cultivation of degraded farmlands. Another MOA seeks to expand collaborations in various sectors such as mobility solutions, software services, and manufacturing.
President Marcos also oversaw the signing of three Memoranda of Understanding (MOU), one of which involves investment in a fully integrated solar cell manufacturing facility. Another MOU focuses on the manufacturing of high-end automobiles and military-grade armored vehicles for the Asian market. The final MOU pertains to the establishment of data centers hosting a digital insurance platform for the Philippines and the ASEAN region.
President Marcos's address to German business leaders marked a historic moment, being the first Philippine president to engage with them in a decade. He extended an invitation for German businesses to invest in the Philippines, highlighting the ease of doing business reforms his administration has undertaken.
These investments signify a significant step towards bolstering economic growth and fostering closer ties between the Philippines and Germany, showcasing the country's attractiveness as a prime investment destination in Southeast Asia.
The investment deals were sealed during the Philippine-Germany Business Forum in Berlin, orchestrated by the Department of Trade and Industry (DTI) on Tuesday, marking a pivotal moment in bilateral relations.
Among the eight agreements inked, three are Letters of Intent (LOI) from prominent German companies. One LOI aims to establish a partner hospital as a training center, while another focuses on the development of an Innovation Think Tank (ITT) hub to foster an inclusive innovation ecosystem in the Philippines. The third LOI targets a strategic and digital partnership in healthcare, promising to revolutionize the sector in terms of safety, quality, accessibility, and affordability.
Furthermore, two Memoranda of Agreement (MOA) were signed, including one between the Philippine government and a German company for the rehabilitation and cultivation of degraded farmlands. Another MOA seeks to expand collaborations in various sectors such as mobility solutions, software services, and manufacturing.
President Marcos also oversaw the signing of three Memoranda of Understanding (MOU), one of which involves investment in a fully integrated solar cell manufacturing facility. Another MOU focuses on the manufacturing of high-end automobiles and military-grade armored vehicles for the Asian market. The final MOU pertains to the establishment of data centers hosting a digital insurance platform for the Philippines and the ASEAN region.
President Marcos's address to German business leaders marked a historic moment, being the first Philippine president to engage with them in a decade. He extended an invitation for German businesses to invest in the Philippines, highlighting the ease of doing business reforms his administration has undertaken.
These investments signify a significant step towards bolstering economic growth and fostering closer ties between the Philippines and Germany, showcasing the country's attractiveness as a prime investment destination in Southeast Asia.
Mar 13, 2024
