Philippine Embassy, Canberra
1 Moonah Place, Yarralumla, ACT 2600
www.philembassy.org.au *Tel. No. 02-6273-2535*
DTI Secretary Pascual Invites Australian Businesses to Invest in the Philippines
13 October 2023, ADELAIDE - Department of Trade and Industry (DTI) Secretary Alfredo Pascual, in an address during a Business Roundtable held in Adelaide, South Australia on 09 October 2023 encouraged Australian businesses to harness the stronger economic cooperation between the Philippines and Australia.
Philippine Ambassador to Australia H.E. Ma. Hellen De La Vega, Consul General Lourdes Salcedo of the Philippine Consulate General in Melbourne, and Philippine Honorary Consul to Adelaide Carmen Garcia participated in the event alongside business leaders from the Australia Philippines Business Council (APBC), the Philippines Australia Business Council (PABC) and private sector representatives across Australia.
Secretary Pascual stated that “Australia's focus on Southeast Asia aligns with the Philippines' robust macroeconomic fundamentals, improved governance, political stability, and commitment to a competitive, transparent, and enabling business environment. Australia and the Philippines naturally complement each other, and I encourage the private sector to seize these synergies.”
He expressed the Philippines' commitment to deepening collaboration across various areas of mutual interest, such as agriculture, education, critical minerals, and clean energy.
Secretary Pascual added that, “Recently, [the Philippines and Australia] achieved a significant milestone by elevating [the] relationship from a comprehensive to a strategic partnership by signing the Joint Declaration. This shift not only broadens our strategic cooperation but also enhances trade and investment between our nations.”
The DTI chief highlighted the Philippines’ robust economy and business-friendly environment, positioning it as a strategic location for investments with its young demographic, skilled workforce, and substantial consumer market.
During the business roundtable, Secretary Pascual and Ambassador De La Vega witnessed the signing of two Letters of Intent and one MOU on investments and collaboration on research and investments involving Australian firms.
These agreements included the prospect of equity and/or project investments by the National Development Corporation (NDC) in collaboration with Cyclion Pty Ltd, a green energy company, to transform municipal solid waste into fuel or electricity.
Another agreement signed is a research collaboration between Algae Harvest Pty Ltd, a wholly-owned subsidiary of Murdoch University, and Cyclion Pty Ltd, focused on innovating the use of algae to convert waste into high-value products. This research will be applied to Cyclion’s projects in the Philippines.
A Letter of Intent by Southern Infrastructure Pty Ltd was signed which outlined plans to develop a thorium-fueled reactor to deliver a safe, sustainable and green (C02=0) base load energy to contribute to the Philippines’ renewable energy targets.
For more information, visit: https://www.dti.gov.ph/news/dti-secretary-pascual-encouraged-au-businesses-invest-ph/ *** END