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Friday, March 31, 2006
Italians want to invest in RP but for some laws
Italian businessmen in Cebu are keen on investing more and inviting Italian private investors to do business in the country, especially in Cebu.
Walter Finzi de Vita, president of Italiani Asso-ciati Cebu, said Italian businesses and investments in the country can grow “a hundred times more.”
However, business regulations and laws in the country make it “difficult” for them, he said.
Not easy
“Doing business in the Philippines is not easy. But we will try to develop and encourage more Italian investors to come. We will do more collaboration with the government and encourage more business opportunities,” he said in an interview.
The Italiani Associati Cebu is an organization of 100 registered Italians in Cebu.
It seeks to promote Italian businesses, culture and relationship with various sectors in the country.
“Aside from promoting business, we will also soon be introducing more of Italian culture, food, music, festivals and different events in the city,” he said.
Finzi, an Italian citizen engaged in the furniture export industry, noted that Cebu is an ideal place for business because it is politically stable, has good communications facilities and is accessible to domestic and international flights.
“There are strong efforts now of the Italian government, or the European government generally, to link more with the Philippines,” he told Sun.Star Cebu.
Business-friendly
Alfredo Malasomma, president of La Tegola Cu-cina Italiana, stressed that for the country to have investors, “we have to lead them on,” which means the country has to have a more business-friendly environment.
“We find Philippines a better place than China. People here are friendly, you (speak) good English and our cultures have many similarities. Cost of labor is also cheaper and quality of Filipino workers is better,” he said.
But the law that limits foreign ownership of companies to only 40 percent creates a hindrance, he said.
“We find it hard to find Filipino partners who would have the same interest as we have in our business. Sometimes, they are not just available. With that, an investor would turn away and look for another location,” he said.
Italian businesses in Cebu are engaged in food and restaurant and manufacture of gift items, fashion accessories and jewelry, furniture, home accessories and toys, among others, said Glauco Muzzi, secretary of the Italian association.
“We want to increase that. Business potentials in Cebu are just boundless,” he said.
On the other hand, Carlo Zoccolari of Paragon Im-magine Inc., distributor of modular kitchens, said tourism in the country is not fully developed yet and needs more promotion.
But all of them agreed that the Philippine ambassador to Italy Philippe Lhuillier is “doing a good job” in promoting the country. (ALC)
For Bisaya stories from Cebu. Click here. (March 31, 2006 issue)
Write letter to the editor.Click here.
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