Dhaka, 30 May 2004 – Visiting Foreign Affairs Secretary Delia Domingo Albert today challenged the leaders of the Bangladeshi private sector to come to the Philippines and see for themselves the excellent opportunities offered by the country as a trade and investment partner in Southeast Asia.

Speaking before the officers and members of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Secretary Albert lamented the minimal level of bilateral trade between the two countries and urged the Bangladeshi private sector to take the lead in expanding trade and investment ties.

“There is so much room for improvement in our trade relationship. I urge this federation to explore the Philippines as a viable market for Bangladeshi products, and also to re-examine how Philippine products not produced in Bangladesh can be tapped by Bangladeshi importers for the 137.4 million strong consumer market here,” the Secretary said.
 
Secretary Albert then gave an overview of the recent performance of the Philippine economy and the macro economic policies of the government under President Gloria Macapagal Arroyo to sustain growth and development and to make the Philippines an attractive business destination.

She said that the Philippine economy is on track for higher growth in 2004 as exports and investments gain momentum and the campaign fever has gone down.

“The Philippine economy grew by 6.4 percent in the first quarter of 2004, the highest growth in nearly four years, which was driven primarily by a strong farm output, election-related spending, and a sustained expansion in the services sector,” the Secretary said.

She informed the Bangladeshi business sector on renewed investor confidence in the Philippines as shown in the recording of more than P100 billion pesos of direct investments in the first quarter of 2004, as compared to only 11 billion for the same period last year.

“I am very happy to inform you that investor confidence in the Philippines is growing, pushing up the Philippine Stock Exchange Index by almost fifty percent from last year. Trading value also surged significantly on increased foreign buying. The Philippines is currently Asia’s best performing market in 2004,” said the Secretary.
 
Secretary Albert said that an expansion of trade and other economic cooperation activities would be timely and mutually beneficial to both countries.

 “It is high time that we should have an improvement in bilateral trade between the Philippines and Bangladesh, particularly in economic and investment cooperation ventures. The Arroyo administration is committed to creating a stable investor and business-like friendly environment conducive to economic expansion. Because of this, the Philippine economy is expected to perform well in 2004 and beyond,” she said. END.