Asian Engagement Minister Peter Tinley has welcomed the launch of the Western Australian chapter of the Australia Philippines Business Council (APBC).
The APBC WA chapter will focus on facilitating business and investment between the Philippines and WA, and identify export opportunities in the Philippines for Western Australian agriculture, education, energy, infrastructure, consultancy and engineering.
Boasting 6.9 per cent economic growth in 2019, the Philippines is currently one of the fastest growing economies in the ASEAN region, and is home to one of the biggest English-speaking populations in the world.
With trade between WA and the Philippines totalling $1.64 billion in 2019, the relationship is becoming increasingly important for the State - especially as the Philippines is also predicted to become the world's 16th biggest economy by 2050.
WA is the powerhouse of the Australian economy thanks to our trade, which supports an estimated 400,000 jobs across the State.
Continuing to diversify our trade links will result in more jobs for Western Australians.
As part of the WA Recovery Plan the McGowan Government is preparing for the time we will have full access to our Asian markets - which represent 80 per cent of all our trade - as well as other global markets.
A strengthened relationship with the Philippines is part of the McGowan Government's Asian Engagement Strategy 2019-2030, which focuses on maximising investment and trade opportunities, supporting Asia literacy and capability, enhancing people-to-people links and supporting business networks and communities.
The McGowan Government has worked closely with Asian Business Councils to successfully deliver the Asian Business Forum series, including the Philippines forum last November.
For more information, please visit the APBC website: https://www.apbc.org.au
As stated by Asian Engagement Minister Peter Tinley:
"Much of our historic development has been tied to China's economic expansion on the world stage and it is currently our biggest trading partner.
"But we must now recognise that there are other countries expanding their own economies and markets and they are also looking for the types of goods and services WA can provide.
"The opening of the APBC WA branch is an exciting opportunity for WA and represents the strengthening relationship between our two parts of the world.
"The Philippines, along with Vietnam, Indonesia, Thailand and Malaysia, is one of the most dynamic economies in the region, and I would like to commend and congratulate the APBC for expanding their offices to WA."
