President Aquino Invites French Companies to Invest in the Philippines

President Benigno S. Aquino III has invited French companies to put their money in the Philippines, particularly in aerospace, information technology, energy, and infrastructure.

In his statement during the joint press conference with French President François Hollande at the Palace grounds on Thursday, President Aquino said that in line with the two countries’ mutual resolve to strengthen their economic engagement, he conveyed to President Hollande his invitation for French companies to do business in the Philippines.

French companies, he said, could tap the large and skillful pool of Filipinos workers.

“Filipino workers have proven themselves to possess the skills, loyalty, and drive necessary to spur any industry to success, and given the economic resurgence that our country has experienced these last few years, there is no more opportune time than today to invest in the Philippines,” he said.

Among the French companies already operating in the country and are currently reaping the fruits of the country’s potentials are Teleperformance and Schneider Electric, he noted.

At the same time, the President welcomed the participation of French companies in the government’s thrust to boost the state of local infrastructure and public transport.

These initiatives include the establishment of a rapid bus transit system in Cebu and the extension of LRT Line 1, to be built or funded by French companies.

President Hollande’s two-day state visit to the Philippines is the first for a French leader since the Philippines and France established diplomatic relations in 1947.

Aside from his meeting with President Aquino, the French leader will visit Eastern Samar on Friday as a highlight of his Philippine trip, aimed at focusing on environmental protection and fighting climate change.

In November 2013, Eastern Samar was devastated by Typhoon Yolanda, considered as the world’s strongest typhoon to make landfall.

France is the Philippines’ second largest trading partner in the European Union (EU), with two-way trade amounting to US$2.39 billion in October 2014. This represented an increase of 24 percent from the same period in 2013. PND (as)