Nordic firms take interest in Philippines

MANILA, Philippines - Nordic companies have intensified interest in investing in the Philippines with the country’s recent hosting of the Asia-Pacific Economic Cooperation (APEC) Summit cited as a testament to the attractiveness of the local business climate to foreign investors.

Nordic Business Council president Bo Lundqvist said yesterday the Philippines successful hosting of the APEC Leaders’ Meeting last week has placed the country “at the driver seat of the booming Asian economy.”

“Despite the infamous traffic, we were all proud to see the Philippines hosting the APEC Summit last week. The grand event certainly put the Philippines up on the business world map as a strong business destination,” Lundqvist said.

“As such, there is at present a very strong interest among Nordic companies to invest in the Philippines,” he added.

Lundqvist  said among the sectors of interest by the Nordic firms are in energy, agribusiness, manufacturing and information technology.

Philippine Economic Zone Authority (PEZA) director general Lilia de Lima attested to this growing interest, saying 12 of the 20 companies from Nordic countries with investments in PEZA zones came in just over the last five years.