Trade Secretary Alfredo Pascual underscored the need for local businesses to industrialize to complete globally.
“Competition does not happen in a limited space, it has to be global. I think we have a chance of industrializing through technology-based industries instead of other fields where neighbors have a bigger head start,” Pascual said during a Makati Business Club forum.
Pascual said the growing interest from foreign investors was partially due to economic reforms passed in the first year of the Marcos administration and towards the end of the Duterte administration.
He said the reforms provided “an initial foundation for building on what we want.”
“In my case, what I want is to pursue industrialization for the country,” he said.
Pascual has led 14 trips so far to promote the country as an investment destination.