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Australia Establishes Investment Deal Team in the Philippines to Boost Economic Ties

By Philippine Real Estate News Curator 2023-10-11 00:40:30 4 mins read

Manila, Philippines - In a significant move to strengthen economic ties between Australia and the Philippines, the Australian government has announced the establishment of an Investment Deal Team in Manila. The initiative aims to facilitate Australian investments in the Philippines and was revealed by Australian Trade and Tourism Minister Don Farrell during a press conference held in Adelaide on the sidelines of the 6th Philippines-Australia Ministerial Meeting (PAMM).

Minister Farrell emphasized the strategic importance of the Philippines as an economic partner, citing its robust demographics and rapid gross domestic product (GDP) growth, one of the fastest in the world. He expressed his view that the Philippines is an "extremely important" partner for Australia.

"To promote opportunities to boost two-way trade and investment, we have agreed to send a business mission to the Philippines next year and establish an Investment Deal Team in Manila itself," stated Minister Farrell.

The creation of these "deal teams" aligns with Australia's Southeast Asia Economic Strategy 2040, a new initiative wherein the Australian government allocated 70.2 million Australian dollars for their establishment in ASEAN countries. These teams will actively seek investment opportunities in the region on behalf of Australian companies.

Previously, the Australian Trade and Investment Commission (Austrade) in Manila had identified three potential locations for these teams, with Manila not initially included in the list. However, the Department of Trade and Industry (DTI) clarified that Manila has now been added as a host city for the "deal teams," marking an important development in bilateral trade and investment relations between the two nations.

DTI Secretary Alfredo Pascual highlighted the significance of the strategic partnership with Australia, emphasizing that it encompasses various areas, including security, maritime affairs, people-to-people connections, trade, investments, and regional strategic concerns. Pascual expressed optimism about enhancing collaboration in fields of mutual interest, such as agriculture, education, critical minerals, and clean energy.

During his official trip to Australia, Secretary Pascual engaged with three Australian firms, Southern Infrastructure, Kaizen ANZ, and Fortescue Metals Group Ltd. (FMGL). Notably, Kaizen ANZ proposed the construction of a 40-megawatt thorium-fired nuclear reactor, highlighting the growing interest of Australian companies in investment opportunities within the Philippines, particularly in the energy sector.

Australia's decision to establish an Investment Deal Team in the Philippines signifies a commitment to furthering economic collaboration and fostering mutual growth between the two nations. This initiative is poised to unlock a multitude of opportunities and strengthen economic bonds in the years to come.