MANILA, Philippines — The Board of Investments (BOI) is encouraging local auto parts companies to tap into the global supply chain and serve the needs of German automotive firm BMW.
In a statement yesterday, the BOI said it is arranging the BMW information session and business matching event on June 19 to allow local parts firms to bag new businesses and go beyond its traditional markets.
During the event, BMW will discuss insights on the new automotive economy and its sourcing strategies and policies as it plans to expand its global supplier network.
Through the event, local firms would learn about how BMW sees the future of automotive.
It will also allow firms to see how they can take part in the fast-paced technological growth of the sector.
As part of preparations for next week’s event, the BOI held a briefing and coaching session last week for parts suppliers.
BOI governor Napoleon Concepcion, one of the speakers of the briefing and coaching session, told participants to adapt to different manufacturing practices including those applied in Asian and Western firms, to deepen their participation in global value chains and reach the country’s full potential.
For her part, Corazon Halili-Dichosa, BOI executive director for industry development services, said the upcoming event is an opportunity for participants to be part of the global supply chain of BMW, especially as the country wants to strengthen its research and development capabilities in the automotive sector and “engineer the next driving experience”.
David Brown, senior consultant of World Bank’s International Finance Corp., meanwhile, held a video conference with the participants direct from Austria to provide value proposition coaching and allow potential suppliers to be ready for the business matching event.
The BOI is arranging the BMW information session and business matching event in line with the local supplier development program being undertaken with the World Bank Group.
Through the program, the aim is to allow local small and medium enterprise suppliers in the automotive, electronics and aerospace sectors to improve their products and processes, as well as meet the global standards of multinational enterprises including BMW.