The German Chambers in ASEAN (Southeast Asia), including the German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI), is rolling out an initiative that would foster greater trade between Germany and countries in the region.
The German Purchasers Initiative, made in collaboration with the German Association of Supply Chain Management, Procurement and Logistics (BME), is part of the market access program of the German Federal Ministry of Economic Affairs and Climate Action.
The initiative, launched officially on April 20, saw around 120 German companies that were able to source connections to diversify their supply chain and establish deeper ties with Southeast Asian firms in the region, among its initial offering of 87 suppliers and 27 buyers.
The GCCPI, in a statement on April 26, said Philippine manufacturers were encouraged to apply for business-to-business meetings with the German participants, supported by efforts from the Department of Trade and Industry (DTI).
More than 21 meetings have been held with local suppliers, aligned with the initiative.
GPCCI President Ms. Marie Antoniette Mariano highlighted that programs akin to the purchasers' initiative "advance our core goal of fostering partnerships between businesses in the Philippines and Germany."
"We are thrilled to witness the growing interest and participation from both sides and we eagerly support both German and Philippine businesses in facilitating mutual growth," she said.
“All this helps us to further elevate the Philippines' presence and significance on the global stage," remarked GPCCI Executive Director Christopher Zimmer, adding the positive memontum in economic ties between Germany and the Philippines boosted by the resumption of the free trade agreement (FTA) talks with the European Union (EU).
Germany is the Philippines' 11th trading partner last year, contributing $149.89 million in foreign direct investments (FDI) to the Philippines.
During President Ferdinand Marcos Jr.'s business visit to Germany in March 12, the Philippine delegation was able to secure $4 billion worth of investment pledges from German firms.
Many German firms have also found a home for their operations in the country, namely Siemens, Lufthansa, Deutsche Bank, and Bayer and Bosch.