PH BIZ CLIMATE. Australian Ambassador to the Philippines Hae Kyong Yu PSM (right) graces the Makati Business Club forum held at Fairmont Hotel in Makati City on Oct. 24, 2023. The Australian government is establishing an Investment Deal Team in the Philippines. (PNA photo by Avito Dalan)
MANILA – Australian Ambassador to the Philippines Hae Kyong Yu PSM said the Investment Deal Team that will be established by the Australian government in Manila will monitor the business climate in the country for Australian firms to make sound investment decisions.
Yu told the Philippine News Agency on the sidelines of an event of Makati Business Club on Tuesday that the announcement of Australian Trade and Tourism Minister Don Farrell to locate one of the deal teams in the country means the Australian government will be putting more resources in the Philippines for research and monitor the business environment here, with analysis to be provided to Australian investors.
She said that with the right and conducive investment climate, the Manila deal team aims to close more investment deals between Australian and Filipino companies.
“The deal team will be looking for opportunities and looking at the business conditions in the Philippines which then gets feedback to Australia to share with Australian businesses and for the Australian government to actively look for Australian business partners with Philippine business partners to try and match them and actually facilitate two-way investments, not just investments to Australia but investments into the Philippines,” the Australian envoy said.
In a separate interview, Senior Trade and Investment Commissioner Christopher Lim at the Australian Embassy in Manila told the PNA that the Department of Foreign Affairs and Department of Trade and Industry, the Australian Trade and Investment Commission and the Export Finance Australia will be closely working together with the establishment of the deal team here.
“What this signifies is, it is an elevation of the bilateral relationship and part of the economic strategy to 2040,” Lim said.
As part of Australia’s Southeast Asia Economic Strategy to 2040, Yu said a business mission is expected to visit in the Philippines early next year.
“There will be real emphasis on the sectors that we identified as key sectors for the Philippines in our Southeast Asia Economic Strategy and these areas involved mining, renewable energy, education, agriculture, and thing like digital, security, cybersecurity space as well. Our interest is really quite broad in the Philippines and I expect the business delegation to reflect that,” Yu said. (PNA)
