Department of Trade and Industry (DTI) Secretary Alfredo Pascual has invited German firms to consider the Philippines as their next investment destination as their government urged them to diversify businesses.

In a statement Thursday, the DTI said Pascual has met with 50 German firms, including senior executives of Siemens AG, Gamigo Group, Nivus GmbH, Continental AG, Lufthansa Group, Messer Group, Allianz SE, Telstra Limited, Bayer AG, Bauer Spezialtiefbau Gmbh, Synolytics GmbH, Pepperl + Fuchs, and Voith GmbH in an investment forum in Berlin on July 3.

“The Philippines is aware of and offers unique advantages to support Germany’s aspirations for ‘diversification and de-risking,’ which are central to the long-term plans of the current German government,” he said.

Germany was the last stop of the Philippine delegation that traveled to Europe for a three-week investment roadshow, pitching the Philippines as an investment destination for European businesses.

The trade chief also met with Association of German Chambers of Industry and Commerce member of the executive board Volker Treier and Germany’s Electronics and Digital Industries Association president Gunther Kegel to invite German enterprises to explore opportunities in various sectors in the Philippines.

“At the heart of our government’s efforts to strengthen our economy is a focus on attracting investors, with the goal of transforming the Philippines into a thriving business hub in the Asian region,” Pascual told German businesses.

Among the sectors pitched to German investors are renewable energy, information technology and business process management (IT-BPM), high-tech manufacturing, and infrastructure.

Pascual said the Philippine economy continues to thrive despite the global economic slowdown, as the gross domestic product (GDP) in 2022 posted a 7.6 percent growth, which is faster than the expansion of China and Vietnam.

“To improve the business environment and attract more foreign investments, the Philippine government has set priorities that include developing infrastructure, streamlining the ease of doing business, implementing tax reforms, and promoting investment liberalization,” he said. (PNA)