ISRAEL said it sees areas of collaboration with the Philippines in electronics, information technology and business process outsourcing (IT-BPO).
鈥淭he expectation (is for trade relations) to grow. We have to wait and see鈥 But when you look at the investment from companies creating new business, that is an indicator,鈥 Israel Ambassador Ilan Fluss told reporters on the sidelines of the Israel-Philippines Water Technology Innovations forum on Thursday.
Israel is 鈥渧ery optimistic鈥 about the trade relationship, Mr. Fluss said, adding that two-way trade in 2022 topped $500 million.
Tradeline Philippines estimates two-way trade to have dropped 14.9% to $478.2 million in 2023.
鈥淲e are pushing as many as possible trade delegations and working on introductions and facilitating Israeli company visits to the Philippines,鈥 Mr. Fluss said.聽
鈥淭he Israeli private sector is very interested in the Philippine market. Companies in the BPO, electronic (electronics manufacturing services) are moving into the Philippines to do their processes here,鈥 he said.聽
The head of Israel鈥檚 Economic and Trade Mission to the Philippines Tomer Heyvi said the recently ratified IPPA will also spur investment in the Philippines.
鈥淭he IPPA鈥 will also provide an avenue to increase bilateral trade and investment,鈥 Mr. Heyvi said. 鈥 Ashley Erika O. Jose
