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Manila Bulletin devider Business devider Trade & Industry devider Philippines woos Hungarian investors in key sectors

Philippines woos Hungarian investors in key sectors

Published Dec 19, 2024 05:25 am

The Board of Investments (BOI) is seeking to strengthen trade and investment relations with Hungary, focusing on electronics, semiconductors, IT-BPM, and software development.

At the recent Philippine-Hungary Business Forum, BOI Managing Head and Trade Undersecretary Ceferino Rodolfo highlighted the reforms in the Philippine business environment that make it more attractive to foreign investors.

“To our Hungarian partners, the Philippines offers immense opportunities for growth, collaboration, and innovation,” Rodolfo said. “I am confident that this collaboration will yield mutual benefits. I look forward to today’s discussions and the partnerships they will inspire.”

Hungary Ministry of Foreign Affairs and Trade Deputy State Secretary for External Economic Relations Katalin Bihari, meanwhile, emphasized Hungary’s commitment to the Philippines.

“The volume of trade between Hungary and the Philippines in the last year amounted to more than USD 199 million, but we believe that there is still more room for improvement,” Bihari noted. “The main purpose of our business forum today is to work on it and achieve further results.”

“We are witnessing growing synergies between our countries, and we also see that Hungarian businesses are increasingly interested in the vibrant and diverse market of the Philippines, while at the same time Filipino entrepreneurs are also recognizing the strategic advantages that Hungary, as a hub, can offer," she added.

The forum was attended by government officials and business representatives from both countries.

Hungarian companies represented at the forum included those from the security printing, IT, agriculture, healthcare, and smart cities sectors. Philippine companies in attendance included representatives from the IT, software development, electronics, and semiconductor industries.

The event also facilitated networking opportunities for Filipino and Hungarian enterprises. Among those present were representatives from the Bases Conversion and Development Authority (BCDA), the Public-Private Partnership Center (PPP), AgriNurture Inc., Philippines Association of Services Exporters Inc. (PASEI), AC Mobility, BDO Unibank Inc., The Vegan Grocer, and Velocity Cybersecurity Solutions.

The forum was a key part of the 6th Philippines-Hungary Joint Commission on Economic Cooperation (JCEC), which convened earlier that day. Discussions during the JCEC emphasized the alignment between the two nations in areas including labor, manufacturing, water treatment, agriculture, ICT, transport, education, culture, tourism, sports, and health.

The Philippines and Hungary are optimistic that the Business Forum and the 6th JCEC meeting will lead to new opportunities and increased economic growth for both countries.

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