MANILA – The Department of Trade and Industry (DTI) welcomes investments from Indonesian firms worth USD 22 million, as the country promotes agriculture, digital technology and innovation to potential investors.
In a statement, DTI Secretary Alfredo Pascual said that “the Philippines remain committed to the goal of pursuing technological advancements for Philippine enterprises” and is working on science, technology, and innovation (STI) driven approaches, to attract more investments that will strengthen the different sectors of the economy.
At the sidelines of the 43rd ASEAN Summit in Jakarta, Indonesia, DTI organized a series of business meetings, led by President Ferdinant R. Marcos, Jr. and Secretary Pascual, with three prominent Indonesian companies from the key sectors of agriculture, digital technology, and connectivity.
The three companies were PT Pasifik Satelit Nusantara (PSN), PT Vaksindo Satwa Nusantara, and PT WIR Asia Tbk.
The exclusive business meetings were spearheaded by the DTI through the Philippine Trade and Investment Center-Jakarta (PTIC-Jakarta) and are a follow-up to the President’s State Visit to Indonesia, aimed to forge strategic linkages and partnerships between the Philippines and Indonesia in key sectors, such as agriculture, specifically animal vaccine manufacturing, digital technology, and innovation.
According to the DTI, PT Vaksindo Satwa Nusantra intend to cooperate with its local partner, Unahco Inc. (Univet Nutrition and Animal Healthcare Company) Philippines on veterinary vaccines and will infuse an initial USD 2 million this year. They will also soon provide the Philippines with an avian influenza vaccine.
Another company that met the President was PT WIR Asia Tbk., whose subsidiaries, namely PT Mata Nilai Republik plan to invest USD20 million in the next 5 years. WIR is an Indonesian publicly listed company that develops augmented reality (AR) technology integrated with virtual reality (VR) and artificial intelligence (AI). It is considered the first Metaverse company in Indonesia.
The Philippine delegation also met with PT Pasifik Satellite Nusantara to enhance the supply of satellites in the Philippines, particularly, broadband technology and connectivity, as well as reporting to President Marcos Jr. the progress of their project in the Philippines and the launching of their satellite in December 2023.
“Through your committed investments in the country, we see you as our valuable partner in pursuing robust economic growth and expansion. We look forward to our strategic collaboration and partnership in creating a sustainable and innovative future for the region. As our Department continues to work on ensuring high-quality and better-paying jobs for Filipinos, we encourage you to Make It Happen in the Philippines!,” Pascual said.
