THE Board of Investments (BoI) said the Philippines should explore possible collaboration in technology and innovation with companies in Hong Kong, Macau, and Guangdong Province.
At the Manila Forum for Philippines-China Relations, BoI Executive Director for Investment Promotions Services Evariste M. Cagatan said that the high-tech industrial capabilities of Hong Kong, Macau, and the Guangdong Greater Bay Area (GBA) present an opportunity for synergy.
“I think we can find complementarities and synergies in the areas of technology and innovation,” Ms. Cagatan said during a panel discussion on Wednesday.
The GBA refers to a cluster of cities in and around the Pearl River Delta being positioned by China for greater economic integration. The Chinese cities taking part in this process are Guangzhou, Shenzhen, Zhuhai, Foshan, Dongguan, Zhongshan, Jiangmen, Huizhou, and Zhaoqing.
“GBA is a global hub for technological development and is perfectly aligned to the Philippines’ expanding information technology and business process management sectors, representing huge growth opportunities,” she added.
She also said that Hong Kong, as a global financial hub, offers significant opportunities for partnerships for Philippine banks.
In advanced manufacturing, she said that the Philippines could partner with Guangdong Province, a leading center for global manufacturing during the outsourcing era.
“By integrating our capabilities in electronics and semiconductors with Guangdong’s high-tech industry, we will foster innovation and enhance productivity,” she said.
She said that GBA is also known for its strengths in logistics and supply chain management.
Other opportunities for collaboration are also present in construction, engineering, and healthcare, Ms. Cagatan said.
According to Jeffrey Ng, vice-president of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc., the Philippines could also be a market for China’s electric vehicles (EVs).
“With the advent of US and European closures, bans, or impositions of high tariffs on Chinese EVs, I think the Philippines can benefit a lot from importing very inexpensive but high-quality EVs,” Mr. Ng said.
“The GBA can do a lot to spur the development of the Philippines in the years to come,” he added. — Justine Irish D. Tabile
