NextGen Day

The inauguration of a United States Trade and Development Agency (USTDA) office here within this quarter has been attributed to significant investment opportunities that are anticipated to promote trade between the Philippines and the United States.

During the Indo-Pacific Business Forum (IPBF) event in Makati City on Thursday, US Ambassador to the Philippines MaryKay Carlson declared, “USTDA is opening an office in Manila to address the demands of the Philippine market and in acknowledgment of the potential in the Philippine economy.”

She stated that the organization would carry out feasibility studies that “would focus on supply chains, clean energy, infrastructure, and telecommunications.”

The results of the feasibility studies can be used by the government and the private sector to help them identify the areas in the Philippines where US investors have interests and where matches can be established, Carlson said in a press interview.

The one that will open in the Philippines, according to her, “is really predicated on what we perceive as a great promise between the investment opportunities and trade opportunities between the United States and the Philippines.” She added that not all US Embassies throughout the world have USTDA offices.

While the Philippines is the US’s third-largest trading partner for goods, it is the US’s 31st-largest trading partner for services.

Carlson is upbeat about the growth of investment potential between the US and the Philippines within the Indo-Pacific region because of the interpersonal connections as well.

As President (Ferdinand R.) Marcos noted, “people-to-people linkages are really a great basis and a springboard for those types of investments and trade opportunities to actually accelerate and go beyond simple recovery, to reinvigorate and accelerate in 2023 and beyond,” she said.

Carlson said on Thursday that the USTDA has inked a USD1.5 million letter of intent for the Philippines with Bell Labs, Nokia USA, and NOW Telecom.

The letter of intent, which was signed during the current 5th IPBF, is intended “to enable clean and trusted 5G communications networks,” she claimed.

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