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Manila Bulletin devider Philippines devider National devider DFA to Costa Rican officials: Now is best time to invest in PH

DFA to Costa Rican officials: Now is best time to invest in PH

Published Aug 12, 2023 06:00 am

The Philippines and Costa Rica have discussed strengthening trade ties, among other areas of cooperation, as the two nations see growth in their trade relations.

Department of Foreign Affairs (DFA) Assistant Secretary for International Economic Relations Paul Vincent Uy told Costa Rican officials that now is the best time to invest in the Philippines to capitalize on the country's growth potential, business-friendly investment policies, talented pool of human resource and overall favorable business environment.

Uy told them to consider the Philippines as a gateway for Costa Rican products in penetrating other markets.

According to DFA, trade between the two nations has been growing over the years, reaching US$50.88 million in 2022 in total.

Uy led the Philippine delegation that embarked on a Philippine Trade, Tourism and Investment Roadshow on August 7 and 8 in Costa Rica.

His delegation met various Costa Rican officials, including Directors General Georgina Guillén-Grillo and Carolina Molina from Costa Rica’s Ministry of Foreign Affairs and Worship and Energy Vice Minister Ronny Rodriguez Chaves.

"In efforts to further improve trade relations between two countries, the delegation met with Deputy Minister for Foreign Trade Indiana Trejos," the DFA said.

Uy's delegation also met with Supreme Distributors, the official seller of the Philippines' Tanduay rum in Costa Rica, to explore other possible Philippine products that they could introduce to the country.

The team also met with one of Costa Rica's largest companies, Sur Quimica, which is looking at the Philippines to source some of its raw materials.

Other areas of cooperation are also being considered to be pursued as the two countries revitalized their relations.

These are agriculture, environment, energy, disaster risk reduction and management, sustainable tourism, volcanic and seismological research, cultural cooperation, and academic cooperation.

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COSTA RICA TRADE TALKS Department of Foreign Affairs
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