BERLIN, GERMANY — President Ferdinand Marcos Jr. on Tuesday (Berlin time) underscored the importance of enhancing trade and investments between the Philippines and Germany.

In a joint press conference following his tete-a-tete with German Chancellor Olaf Scholz at the Chancellery here in Berlin, Marcos Jr. said they had a "productive and meaningful" meeting.

"We also discussed ways to enhance trade and investments," remarked Marcos Jr., emphasizing the shared commitment to fostering economic prosperity through bilateral cooperation.

Germany, as the Philippines' 11th trading partner in 2023, has emerged as a significant source of foreign direct investment, signaling a robust partnership poised for further growth.

"We welcome the presence of notable German companies to our country," Marcos Jr. said, citing industry giants such as Siemens, Lufthansa, Deutsche Bank, Bayer, and Bosch, among others, who have made substantial contributions to the Philippine economy.

He added that their enduring presence underscores the attractiveness of the Philippines as an investment destination.

Highlighting the Philippines' economic resilience, President Marcos Jr. underscored a GDP growth rate of 5.6 percent in the last year, outpacing several regional economies.

"Our economic dynamism is driven by strong domestic consumption," he noted, attributing it to a diverse labor market, a burgeoning services industry, and remittances from overseas Filipino workers.

Investing in the Philippines has become increasingly appealing, Marcos Jr. asserted, citing recent legal reforms allowing full foreign ownership in strategic sectors such as railways, airports, expressways, telecommunications, and renewable energy.

These reforms signal the government's commitment to fostering a conducive environment for foreign investment.

"We continue to find ways to build upon our strong economic collaboration," President Marcos Jr. affirmed, expressing optimism about elevating bilateral relations to new heights.

The Philippines stands ready to explore avenues of cooperation in manufacturing, construction, infrastructure, IT-BPM, innovation, startups, renewable energy, and minerals processing.