BOI, HSBC unite forums, business meetings

The Board of Investment (BOI) recently signed an agreement with the Hong Kong and Shanghai Banking Corporation (HSBC) to explore areas of cooperation in the form of investment seminars and business events, according to the Department of Trade and Industry (DTI). .

” [memorandum of understanding] The Memorandum of Understanding between BOI and HSBC in the Philippines will serve as a tool to promote cooperation in investment promotion,” Commerce Secretary Alfredo E. Pascual said Thursday.

The head of trade added that this partnership “will also enable investment seminars and business meetings that will benefit our local business.”

According to the Department of Commerce, which is the parent agency of BOI, the Memorandum of Understanding signed by HSBC Philippines President and CEO Sandeep Uppal and BOI Managing Head and Deputy Secretary of Commerce Ceferino S. Rodolfo “seeks” cooperation in the form of investment workshops or a mission and business reconciliation activities; joint assistance in strengthening economic and industrial ties between investors and corporations; and the establishment, if necessary, of an ad hoc working group to work on areas of cooperation.

Pascual noted that through this partnership, DTI is able to tap into HSBC’s “extensive” network and clientele, especially multinationals looking to expand in Southeast Asia.

“This will further expand opportunities for the Philippines and help us attract more investment, which in turn will create more stable, higher quality and higher paying jobs for Filipinos,” Pascual said.

During the courtesy visit, DTI said HSBC Philippines President and CEO Sandeep Uppal spoke about what the bank can do for the Philippines and what value it can bring in the future by working with DTI.

“HSBC Philippines has always been committed to supporting the country’s nation building and economic progress agenda. We are really excited to partner with DTI and through HSBC’s international network, we hope to connect the Philippines to growth opportunities around the world and vice versa,” Uppal said.

Meanwhile, DTI reported that Pascual expressed optimism that the Memorandum of Understanding and partnership between BOI and HSBC will “further accelerate and energize” the government’s efforts to encourage investment and economic recovery initiatives in the wake of the pandemic.