In a press briefing, Thyssenkrupp CEO for Asia Pacific Vivek Bhatia said the company is interested to expand in the country as the strong economic growth would offer more business opportunities.
“The Philippines sort of stands out. You have today the fastest growing GDP (gross domestic product),” he said.
He said the country’s young work force also makes it attractive for the company.
“You also have one of the youngest and dynamic work force. That to me, makes it exciting,” he said.
While Thyssenkrupp has been present in the Philippines since 1903, the company only established its local branch office in the country in November last year.
Thyssenkrupp Philippines country head Kevin Chui said the company decided to set up a local branch office to take advantage of opportunities in the country.
“We established a local branch to ramp up and better serve customers locally,” he said.
The company sees business opportunities in the power and sugar sectors as it has the capability to enable sugar producers to generate power from bagasse.
Chui said Thyssenkrupp also sees opportunities in mining, cement and fertilizer production.
Given the infrastructure boom, he said there are also opportunities for the company’s elevator business.
“There is quite a lot of potential and opportunities in the country,” he said.
Headquartered in Germany, Thyssenkrupp has presence in 80 countries and has 155,000 employees.
The group provides products and solutions for the following industries: automotive; construction, infrastructure and buildings; mining and metals; chemicals; energy generation and distribution; food and beverage; aerospace; mechanical and plant engineering; oil and gas; shipbuilding; and special vehicles.
