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Monday, March 27, 2017
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ILOILO City – The capacity of Iloilo City to lure more consumers is one good reason for British retailers to invest in this city, according to British Ambassador to the Philippines Asif Ahmad, Friday.
“There is already a footprint but there is no reason why the retailers that are already in the Philippines, they should not consider. This is a natural place as you attract more consumers,” Ambassador Asif Ahmad said during a press conference held at the Richmonde Hotel here.
The envoy arrived in Iloilo together with the United Kingdom Prime Minister’s Trade Envoy to the Philippines Richard Graham and Michael Moon, director of the Department of International Trade for the opening of the three-day British Festival at the SM City here. They were joined by Sen. Franklin M. Drilon and his wife Mila.
“One obvious opportunity is retail. British Festival started off with the celebration of the retail in SM Mall here with three British companies participating,” he added.
However, export opportunities will be high once United Kingdom is finally out of the European Union (EU) as the former can choose who to trade with, what to buy and with no restrictions.
He said products grown from here, especially high-end fruits and vegetables as well as produce from the thriving seafood industry in Western Visayas, will surely find their way to United Kingdom.
“What you need is the value-adding in the food processing so that you can send to us more inputs from here,” he said.
United Kingdom is the largest European investor in the Philippines in 2015, estimated at more than £1 billion.
Meanwhile, British companies may also consider investing in port development, provision of agriculture technology and business process outsourcing services, according to Moon.
Drilon said “Iloilo and the whole of Western Visayas are in the best shape for business.”
“The winds of development and prosperity are blowing once again on our shores because of the development initiatives and reforms we have undertaken in recent years,” he said.
Western Visayas posted an 8.3-percent growth in its gross regional domestic product, the second fastest growing economy in the country. Its growth was propelled by the industry and services sectors that posted a 13.5 percent and 6.9 percent growth, respectively.
Graham, on the other hand, said private-public partnership (PPP) is necessary to respond to the infrastructure needs of investors.
“Encourage local government and local leaders to consider how you bring in the private sector as often as possible into this transport infrastructure issues. But make sure the repayments are fairly distributed so that the taxpayer isn’t a victim of the private sector making all the money and leaving the government with a bill,” Graham said.
Donna Rose Ratilla, president of the Philippine Chamber of Commerce and Industry Iloilo, said that the visit of the British delegation “is a starting point for more investors from United Kingdom coming to Iloilo.”
“Iloilo businessmen can benefit from their technology as well as in the upliftment of our micro, small and medium enterprises,” she added. (PNA)
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