Philippines & Israel
Raju Mandhyan to interview President Josef Gueta of the Israel Chamber of Commerce of the Philippines and chairman of the Foreign Chamber Council of the Philippines, who said both countries have big trade and investment potentials.
Philippines and Israel’s trade cooperation continue to grow but remains minimal in comparison with other countries in Europe and America, according to the Philippine Embassy web site.
Taken from the Business Mirror on March 08, 2012
THE Philippines and Israel are seeking to strengthen bilateral trade cooperation, exploring new business and investments opportunities for both countries.
Aside from processed foods, Israel is being eyed as a market for three major Philippine agri-food products, namely banana, pineapple and mango, as well as potential client to the country’s growing number of business-process outsourcing (BPO) companies offering voice and non-voice services.
On the other hand, Israel is eyeing companies from the Philippines to chip in to its growing foreign investment, hoping to lure new investors for agriculture, water and its bustling electronics and telecom industry. Interviewed at the sidelines of the Philippine-Israel Business Forum held on Wednesday at the DTI International Building, Undersecretary Cristino L. Panlilio of the DTI’s Trade and Investment Promotions Group said the Philippines has the capacity to increase its food and nonfood exports to Israel, particularly accredited-food items acceptable to the Jewish religion.
The Philippines, he said, can also crack open Israel’s market for fresh fruits, noting that the increasing demand for natural food by the general public in Israel. “Israel is second in terms of venture capital so the Philippines stand to benefit from Israel. They can also do their research and development here. In terms of R&D over their GDP, Israel is No. 1. They can do it in the Philippines and our engineers and scientists can work under their close supervision,” he said, noting that Israel’s more developed information technology owing to its sustained R&D program. Israel is also a potential market for the country’s BPO talents, Panlilio stressed. “We can supply them with the manpower for nonvoice particularly in the area of programming and animations, medical research and medical transcription. Of course, we can also offer them voice BPO,” Panlilio said. According to Panlilio, the next step is to get a bigger in-bound mission from Israel. He said the current import-export baselines between the two countries is already about $200 million and the DTI aims to double it within the next two to three years.
During the forum, Ambassador Manashe Bar-On of the Israeli Embassy in the Philippines asked forum participants to explore trade and investment opportunities in Israel and take advantage of Israel’s favorable investment climate.
According to Bar-On, some 30,000 Filipinos are working in various companies in Israel, enjoying the friendly relations between the two governments.
Josef Gueta of the Israel Chamber of Commerce of the Philippines and chairman of the Foreign Chamber Council of the Philippines, said both countries have big trade and investment potentials. Philippines and Israel’s trade cooperation continue to grow but remains minimal in comparison with other countries in Europe and America, according to the Philippine Embassy web site. Philippine exports to Israel was highest in 2007 at $33,929,631 while imports from Israel reached $248,448,918. Israel exports are mostly high value products such as electronics, equipments, machineries and technology compared to Philippines’s processed food and furniture. Total trade between the Philippines and Israel in 2007 was the highest in five years with the total amount of $282,378,549.
The Philippines exports various products ranging from electronics, chemicals, marine products, processed food, garments, machineries and transport equipment, furniture, carageenan, and giftware. On the other hand, the Philippine imports electronics, industrial manufactures, chemicals, machineries and transport equipment, consumer manufactures, processed foods, cut flowers, textile yarns, twine, natural oils, fats and waxes and metal-based construction materials.
Taken from the Business Mirror of March 08, 2012