JAKARTA, INDONESIA–During the ASEAN Investment Forum Session 2 entitled “Global Supply Chain and Sustainable Investment” held on 02 September 2023 in Jakarta, DTI Secretary Fred Pascual emphasized the various opportunities of the Philippines to enhance its participation in supply chains of critical sectors and key goods. He added the investment opportunities for the manufacturing of electric vehicles (EVs) and the potential to contribute to the global transition to clean energy.
In his discussion, Secretary Pascual stressed, “Part of the development strategy of the Philippines to enhance economic performance and global value-chain participation is to work with global partners and to increase international engagements to create a more conducive environment for investments. We are engaging with several partners at the multilateral, regional, and bilateral levels to pursue a framework that could mobilize sustainable investments to the Philippines.”
The DTI Chief also added that the Philippines is taking a tailored approach to encourage more investments, particularly in the manufacturing of green metals and electric vehicles (EVs) as the country transitions to a greener economy. Further, Secretary Pascual cited the strength of intra-ASEAN trade, which can leverage the ASEAN’s large population as its core market.
The ASEAN Investment Forum was organized by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and moderated by Bloomberg. The 2nd session participated by Secretary Pascual discussed the trend of “deglobalization” and its impact on global trade, the need to diversify production locations, and find alternative materials to minimize disruptions in supply chains.
The trade and industry chief also encouraged the businesses present at the event to invest in the downstream processing of nickel, particularly for companies and major conglomerates in the nickel power business. Additionally, he highlighted the Philippines’ strength in the production of semiconductors and the highly-skilled Filipino workforce that can process raw ores into finished products.
Lastly, Secretary Pascual emphasized, “Part of our strategic approach is to leverage these resources and enable us to move to higher value activities by developing domestic mid to downstream processing of minerals, with high regard to sustainability. This strategically positions the country in the regional and global value chains of clean technologies and we will need reliable partners in investments to realize this.”
The ASEAN Investment Forum is part of the 43rd ASEAN Summit. It also hosted other sessions that centered around the sustainable development goals (SDGs) that affect strategies to attract foreign direct investments. It also tackled the importance of investments in electric vehicles, renewable energy, and health systems. Further, these sessions highlighted the role of achieving SDGs in fostering economic growth, recognizing that sustainable investments can enhance economic and social resilience to future shocks.
The other co-panelists of Secretary Pascual for the 2nd session included Nguyen Anh Tuan, Deputy Director General of the Foreign Investment Agency, Ministry of Planning and Investment, Viet Nam, and Lili Yan Ing, Lead Advisor (Southeast Asia Region) of the Economic Research Institute for ASEAN and East Asia (ERIA) and the Secretary General of the International Economic Association.
