Make investors confident, UK asks Philippines

THE government should create a business environment where companies can be “confident in their long-term investments,” a high-ranking official of the British government said on Wednesday, adding that strengthening the stability and security of the country’s economy will help attract foreign investors.

“It is really important that we have a general business environment that is conducive [for foreign investors],” Simon Fraser, permanent undersecretary of State British Foreign Office, told reporters during a press conference at the Department of Foreign Affairs in Manila.

The Philippines is part of Fraser’s three-country tour, which includes China and Japan.

He heads the British diplomatic service and is the highest-ranking official in the United Kingdom Foreign and Commonwealth Office.
The British official also raised the issue of “projectability and stability” of the country’s investment environment.

He said that a priority of the UK’s new government is to develop economic relations with countries they deem are “developing.”

“[Your] government is relatively new. [It makes] changes and we welcome that. [But] we want to see action. We are happy but more can be done to strengthen and give stability and security in the investment environment [here],” Fraser added.

He said that “predictability and confidence” are some of the keys to producing a business climate that is conducive to foreign investors.

The UK is the largest European investor in the country with a wide range of activities in many sectors, including mining, business process outsourcing, household goods, banking and retail.

Among the top British investors in the country are Shell, HSBC, Standard Chartered, Financial Times, Unilever, Topshop, Marks and Spencer and The Body Shop.

Fraser added that the British government also enjoys “good relations” with many Filipinos working in England.

“We are underlining the commitment of the British government to develop relations with the Philippines. There is a lot of potential in building [relations] with your country. We have to maximize that potential,” he said.

“We have a shared interest as we look in the future. [We must build] our cooperation to be able to compete in the global economy. We are very optimistic to work together,” the British official added.

Fraser said that the British government recognizes that the world is changing profoundly and needs to expand its relations beyond its traditional partners.

“As an important emerging market in what is probably the most important region of the future, the Philippines will definitely be a major part of that change. We look forward to establishing ever closer ties between our two countries,” he added. –BERNICE CAMILLE V. BAUZON REPORTER, Manila Times