Breakout Economy: Consultation on exploring new geographic markets

DTI Undersecretary Rowel Barba (center), together with officials from the DTI-Foreign Trade Service Corps (FTSC) and other DTI bureaus, the Department of Foreign Affairs (DFA), the Department of Agriculture (DA), and other government agencies exchanged insights with private sector participants from EEI, Unilab, and Philippine Franchise Association (PFA on new and non-traditional trade and investment markets. (DTI Photo)

Makati City – The Department of Trade and Industry (DTI) Undersecretary Rowel Barba (center), together with officials from the DTI-Foreign Trade Service Corps (FTSC), Board of Investments, DTI-Bureau of International Trade Relations, DTI-Export Marketing Bureau, Center for International Trade Expositions and Missions, Export Development Council, Department of Agriculture (DA) Agribusiness and Marketing Assistance, DA-International Affairs Division, Department of Tourism, and Department of Foreign Affairs exchanged insights with private sector participants as part of DTI’s study in exploring new and non-traditional markets to stimulate the demand for Philippine products across the globe.

BOI Governor Angelica Cayas shares the top factors to consider in exploring new geographic markets based on data culled from the BOI, the Philippine Statistics Authority, and export processing zones. (DTI Photo)

During the consultation, private sector participants from the Philippine Franchise Association, Unilab, and EEI Corporation shared their experiences in establishing a business and operating in so-called non-traditional markets, such as Africa, Middle East, Central Asia, South America, and Eastern Europe, including the factors to consider in setting up an overseas business and overcoming challenges. Another valuable source of networks and commercial intelligence in these markets are the country’s network of honorary consuls.

It was also observed that there are commercial Posts that do not have a trade service officer as well as countries where the Philippines have existing arrangements, such as an FTA, yet do not have a trade service officer complement.

DTI-EMB Director Senen Perlada explains how to best assist Filipino exporters be globally competitive. (DTI Photo)

Undersecretary Barba underscored that close coordination and partnership among these agencies and the business sector remain essential in implementing DTI’s strategies for achieving sustainable and inclusive growth in the country. The activity was held in DTI Training Room on 21 January.

Balikbayan Media Center
Balikbayan Media Center

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