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A delegation of esteemed Lithuanian business leaders, led by Foreign Affairs Minister Gabrielius Landsbergis, is embarking on a journey to explore investment prospects within the burgeoning Information Communications Technology (ICT) and renewable energy sectors of the Philippines. This venture was announced by Department of Trade and Industry (DTI) Secretary Fred Pascual, signifying a significant step towards fostering bilateral economic ties.
The meeting, facilitated by the Management Association of the Philippines (MAP) International Relations Committee (IRC) and the MAP Trade, Investments, and Tourism Committee (TITC), took place at the prestigious Shangri-La The Fort in Taguig City. Attending were key Philippine business figures and policymakers, spearheaded by Secretary Pascual, alongside Lithuanian Ambassador to the Philippines, Ricardas Šlepavicius.
Central to the dialogue was the exploration of avenues for bilateral collaboration and investment, particularly in sectors such as aerospace and pharmaceuticals, leveraging the strong relationship between the Philippines and Lithuania.
Trade Secretary Fred Pascual remarked, “Our robust imports from Lithuania, driven by sectors like aerospace and pharmaceuticals, underscore Lithuania’s advanced technological prowess and its alignment with the needs of the Philippine market.”
Throughout 2023, the Philippines witnessed a notable surge in imports from Lithuania, primarily attributed to Lithuania’s expertise in cutting-edge technologies, particularly aerospace and pharmaceuticals, which resonate with the demands of the Philippine market.
The bilateral trade relationship is further reinforced by the Philippines’ impressive export performance, with high-quality goods spanning electronics to agricultural products finding a receptive market in Lithuania. Notably, there was a significant uptick in carrageenan and seaweed exports, amplifying demand for Philippine marine and agri-based products.
Moreover, the Philippines is experiencing robust economic growth, propelled by renewable energy initiatives and the Information Technology and Business Process Management (IT-BPM) sector. Investment Promotion Agencies have greenlit record investments totaling PHP 1.47 trillion in 2023, with foreign investment approvals tripling compared to 2022. With a GDP surge to 5.6%, the Philippines is poised to achieve its USD one-trillion economy milestone by 2033.
Looking ahead, the Philippines is steadfast in its ambition to become a hub for electric vehicles, high-tech agriculture, and renewable energy. These industries promise future-ready jobs and align with the government’s ambitious targets of a 35% renewable energy share in the national power mix by 2030, escalating to 50% by 2040.
Underlining its commitment, the Philippines has established the Energy Virtual One-Stop-Shop (EVOSS) to streamline permitting processes for crucial projects and launched a Center for AI Research to drive innovation and digitalization across micro, small, and medium enterprises (MSMEs).
The dialogue with Lithuanian business leaders underscores the Philippines’ readiness to support innovative, high-value investment projects while asserting its position as a pivotal player in the regional and global market—all while championing a sustainable and resilient economy.
Secretary Pascual expressed, “This dialogue epitomizes a convergence of minds—a bridge between our two cultures, steeped in history and ambition. It signifies an opportunity to forge business relationships and enduring friendships that transcend geographical and economic boundaries.” |
