LONDON—The Philippines is a “hugely exciting” market where the United Kingdom is keen on boosting reciprocal investment.
Key trade officials here bared this bright outlook, noting that the UK was setting its sights on Southeast Asia as a priority growth area amid the continuing dim prospects in Western economies.
They said the UK hoped to step up trade with growing markets to combat a general sense of pessimism over economic numbers here and in the euro zone.
Nick Baird, chief executive of UK Trade and Investment (UKTI), the state body that links UK firms to the global market, said that British firms were looking at ways to tap the Philippines’ robust economy and invest in major infrastructure, health care and retail-related projects.
“I think that for us, the huge opportunities there are certainly around big infrastructure projects, health… We’re also very interested in areas I would describe as building on and working with countries’ growing middle classes, so [it’s about] providing better education, health services, accessing the consumption of these middle classes through the retail sector,” Baird told Asean reporters on a visit here.