European Union in Visayas, Philippines Market
September 22, 2017
Organized by European Chamber of Commerce in the Philippines (EU), the European delegation headed by Ambassador Franz Jessen was in Cebu to open up doors for businesses in the Visayas to exploit the 510 million buyers in the EU. As an economy, Jessen said EU is becoming truly well, and that it is therefore a decent time for Visayan businesses to enter the European market with for all potential products under zero or minimal tariff.
EU is the Philippines’ second biggest export market and it focuses to overwhelm Japan as the nation’s number one export market before the end of this current year, said Jessen who heads the EU delegation.
In the six months of this current year, the Philippines export to Europe expanded by 38 percent, way faster than the development created by Philippines’ export to China. A higher development in the two-way exchange is likewise expected, as EU moves to strengthen linkage with the Philippines, the Ambassador included.
In the main quarter of 2017, ventures originating from EU nations came to P10.3 billion, making EU as the biggest remote financial specialist of the Philippines for the quarter. Cebu for example, can exploit a few products that are sought after in EU, for example, electrical hardware and gear, apparatus and mechanical machines, animal or vegetable fats and oils, furniture; lamps and lighting fittings, edible fruits and nuts; vegetables, fruits, nuts and plants; among others.
Beside opening its rich market to the Philippine products through zero or cheap tariff, EU is additionally offering its hands to help the Philippines- – through its advancement help with assorted segments, for example, energy, medical, most essentially in the peace process initiatives.
As per the ambassador, the resolution of peace and order in the Philippines, referring to the progressing martial law administration in Mindanao, is a basic key factor to secure economic development in the Philippines, “Europe is without a doubt rich and we have the assets to be generous. And we are generous,” he told businessmen in Cebu explaining that the Union is allocation huge funds for the Philippines’ several developmental projects.
ECCP is additionally boosting its membership base in Cebu or the Visayas to help businesses to have smooth market entry to the European market. ECCP right now has 125 company members in the Visayas. The recently concluded event named “Doing Business with Europe; Opportunities for Visayas Based Companies .” The event intended to explote open doors for Visayas based organizations and impart EU support to Cebuano-European business.
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