The European Union: A key trade/investment partner

Having been Ambassador to the Commission of the European Communities in Brussels, I continue to have an interest in developments in the EU particularly in trade and investments.

During my lunch with Ambassador Guy Ledoux of the European Union Delegation he pointed out the following:

1. EU-PHL trade grew by 34 percent, which is the highest growth rate in over ten years. Total trade was 9 billion euros.

2. EU-PHL trade in services was stable at 2.2 billion euros. He highlighted the growth potential in BPO.

3. EU is the largest investor in the Philippines with a cumulative FDI stock of 6.6 billion euros representing 38 percent of total FDI stock.

4. The 660,000 land based OFWs plus 120,000 seamen manning European ships remitted $2.6 billion, making the EU the second largest source of remittances.

5. EU was the fifth largest source of tourism at 297,000 visitors.

The above, in my opinion, makes it imperative for our embassies in Europe to aggressively pursue their action plans related to economic diplomacy. I suggest that the embassy staff go to the EU Delegation website (http://eeas.europa.eu/delegations/philippines) and download the EU-Philippines Trade and Investment Factfile. It is an excellent primer on what to focus on. –Roberto R. Romulo (The Philippine Star)