Swiss investors eye joint ventures with local firms

Following the signing of an agreement by Switzerland and the Philippines, Swiss Investors are now eyeing joint-ventures in the country, particularly in electronics, machinery, tourism, information technology and pharmaceuticals.

The Philippines signed over the weekend a memorandum of agreement with Switzerland. The agreement is intended to forge closer trade and investment ties as well as promote joint-venture matching between Swiss and Filipino companies.

The agreement was signed by the Board of Investments (BOI) and the Swiss Organization Facilitating Investments (SOFI), a consulting agency under contract with the Swiss government's Federal Office for Economic Affairs to assist in the economic development of the country's private sector in partner countries.

SOFI will assist the BOI in organizing investment promotion activities in Switzerland as well as help identify Swiss companies for future joint venture matching with Filipino firms.

SOFI will also help provide logistical requirements for investment promotion events in Switzerland.

The BOI, in turn, agreed to provide Swiss enterprises with information on Philippine economy, Investment incentives and government programs, corporate laws, market date for various products.

Initially, the BOI said both parties are looking at specific areas of investments for Swiss investors in information technology services, medical services including equipment, pharmaceuticals, agribusiness, jewelry, engineering and electrical products.

At present, Switzerland's presence in the Philippines is led by Nestle SA which owns 100 percent of Nestle Philippines and Nestle-Magnolia, the country's top dairy manufacturer.

Aside from Nestle, another prominent Swiss company in the country is Societe Generale Surveillance which has been the Philippine government's service contractor for pre-shipment inspection for the last 12 years.