A visit to Germany yields $4 billion in business deals

During Marcos’ working visit to Berlin, the Philippines secured investment deals worth over $4 billion or approximately P220 billion. These agreements were formalized during a Philippine-Germany business forum organized by the Department of Trade and Industry at the Marriott Hotel. Marcos, witnessing the signings, expressed enthusiasm for the partnerships, highlighting Germany’s significant investments last year and emphasizing further collaboration in climate action and energy transition.

Among the eight agreements signed, three were letters of intent from German companies, two were memoranda of agreement, and three were memoranda of understanding. These agreements cover a range of sectors, including healthcare, agriculture, innovation, mobility solutions, manufacturing, and digital infrastructure. Marcos underscored the importance of strengthening business ties with Germany, noting its global economic standing and technological prowess.

Marcos extended invitations to German businessmen to invest in the Philippines, showcasing initiatives like the Maharlika Investment Fund and highlighting improvements in the ease of doing business. Germany currently ranks as the Philippines’ top trading partner in the European Union, with bilateral trade reaching $4.7 billion in 2022.

This visit marked Marcos’ historic first as the Philippine president to Germany, where he addressed German business leaders and emphasized the mutual benefits of increased economic cooperation. Following his engagements in Germany, Marcos was set to embark on a state visit to Prague, Czech Republic, upon the invitation of Czech Republic President Petr Pavel.

Business News: A visit to Germany yields $4 billion in business deals