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EU envoys explore Subic for trade opportunities

A delegation of ambassadors from the European Union (EU) paid a visit to the Subic Bay Metropolitan Authority (SBMA) as part of efforts to explore trade and investment opportunities in the business hub.

The delegation was led by Luc Véron, a career official with the EU who has served for over 30 years and has seen the Union grow from 12 to 27 member nations.

The delegation’s visit was aimed at exploring the potential of Subic Bay Freeport Zone as a growth area for trade and investment from European countries, officials said.

They also examined the potential for job creation in the surrounding towns and provinces.

According to SBMA chair and administrator Rolen Paulino, the SBMA is eager to fulfill its mandate to attract investments and create employment, especially after the losses incurred during the pandemic.

The EU is a significant trading partner of the Philippines, having been the fourth largest trading partner of the country in 2019, while the Philippines was the sixth largest trading partner of the EU among the Association of Southeast Asian Nations (ASEAN).

The delegation was given a guided tour of the various viable locations for businesses, including the former Hanjin facility where the Agila Subic project is planned to rise.

This visit follows the visit of Philippine Ambassador to Australia Ma. Hellen De La Vega, who brought Australian business owners to Subic in August 2022 to explore possible investment opportunities in Subic Bay Freeport.