THE Semiconductor & Electronics Industries in the Philippines Foundation, Inc. (SEIPI) will soon partner with a group of tech start-ups in France to expand its presence in the country’s internet of things (IoT) market.
In a statement Thursday, SEIPI said the memorandum of understanding (MoU) with Angers French Tech (AFT) is a means of gaining a bigger foothold in the IoT market.
“SEIPI is in an aggressive mode to promote the Philippines as a reliable partner with inherent technical capabilities to take on the opportunities in global markets. We are part of a significant value chain and the Philippines is a prime mover in the Internet of Things,” SEIPI President Dan C. Lachica said in the statement.
SEIPI noted that France is one of the Philippines’ fastest growing export markets for goods and services.
Last year, France was the Philippines’ 16th largest trading partner, with total bilateral trade valued at $1.73 billion or 1.05% of the total.
During the period, France was the 13th largest export market accounting for 1.18% of total Philippine shipments. As an import source, it was 17th, accounting for 0.96% of the total.
This week, SEIPI, along with various government agencies, arrived in France for a series of business matching activities with French counterpart Alliance Electronique.
The mission to promote the industry forms part of SEIPI’s Product and Technology Holistic Strategy (PATHS) road map.
SEIPI is projecting investment in the sector to rise to $1.5 billion by 2020; $3 billion by 2025; and $5 billion by 2030.
By 2020, the industry is also expected to employ a total of 5.5 million workers directly and indirectly, up from the current work force estimated at 3.2 million.
Under the road map, SEIPI will also be targeting to bring export revenue from electronic products to $40 billion by 2025 and $50 billion by 2030.
Electronics exports in 2017 hit record $32.7 billion, up 11%. — Janina C. Lim