Lithuania’s investment potential in the Philippines’ burgeoning Information Communications Technology (ICT) and renewable energy sectors was the centerpiece of discussions in a recent meeting at Shangri-La The Fort.
Department of Trade and Industry (DTI) Secretary Fred Pascual along with Lithuanian Foreign Affairs Minister Gabrielius Landsbergis and key Philippine business leaders joined the high-level dialogue convened by the Management Association of the Philippines (MAP).
They focused on bilateral investment opportunities, particularly in the sectors of aerospace and pharmaceutics.
“Our imports from Lithuania have surged, particularly in aerospace and pharmaceuticals, mirroring Lithuania’s advanced technology and the Philippine market’s needs,” Pascual said.
The trade relationship has seen the Philippines benefit from Lithuania’s technological expertise, as reflected in the significant rise in imports throughout 2023.
The collaboration is underpinned by robust Philippine exports from electronics to carrageenan, indicative of the growing trade synergy.
Amidst a thriving economy, the Philippines reported a notable increase in investments, with Investment Promotion Agencies marking a record PHP 1.47 trillion in 2023 and a tripling of foreign investment approvals over the previous year.
This economic vigor has set the Philippines on a course to become a USD one-trillion economy by 2033, officials said.
The government’s vision extends to making the Philippines a nexus for electric vehicles, high-tech agriculture, and renewable energy—sectors poised to produce jobs and aid in achieving the renewable energy targets of 35% by 2030 and 50% by 2040.
Facilitating this growth, initiatives like the Energy Virtual One-Stop-Shop (EVOSS) for expedited permitting and the Center for AI Research showcase the nation’s commitment to innovation and digitalization.
“This meeting symbolizes not just business potential but the fusion of our rich cultures and shared ambitions. It lays the groundwork for business ties and friendships beyond borders, signaling the Philippines’ strategic role in the global economy and our mutual drive for a sustainable future,” Pascual said.
