MANILA -- The Philippines and New Zealand are both determined to increase their trade by at least 50 percent in the next few years, New Zealand Prime Minister Christopher Luxon said on Thursday.

“In our meeting today (Thursday) we also discussed the huge economic potential in our relationship and we are both determined to grow its rate by at least 50 percent in the next few years,” Prime Minister Luxon said in press statement after his bilateral meeting with President Ferdinand R. Marcos Jr. in Malacañang.

“And it’s great to see bilateral trade between New Zealand and the Philippines able to recover to pre-pandemic level and continue to increase,” he said.

The New Zealand Prime Minister also mentioned the increasing interest in the local information and technology sector, manufacturing, renewable energy, and food [processing] with more New Zealand companies looking to set up operations in the Philippines.

Travel and tourism are also major drivers for trade growth as more people travel between the two countries to visit family and friends and to spend holidays in the Philippines.

“We want to do more to grow both of our countries’ tourism industries,” he said.

Last year, New Zealand ranked as the Philippines’ 28th trading partner (out of 230) with total trade amounting to US$495.37 million and is also the country’s 38th export destination and 24th import source. The Philippines has a US$361.94 million trade deficit with New Zealand.

In 2021, New Zealand was ranked the 34th source of approved investments in the manufacturing and wholesale and retail trade industry.

From 2018 to 2022, approved investments from New Zealand amounted to US$3.49 million in key sectors such as manufacturing, administrative and support services activities, wholesale and retail trade, and repair of motor vehicles and motorcycles.

In 2023, the country recorded a total of 29,272 tourist arrivals from New Zealand, up from just 17,503 in 2022, making the foreign nation the 22nd source of visitors to the Philippines.

Pending the results of the 2023 NZ Census on 29 May 2024, there are an estimated 100.000 Filipinos in New Zealand (72,612 based on the 2018 NZ Census, from only 40,347 in 2013 and 16,938 in 2006).

The two nations established their formal diplomatic relations on July 6, 1966. (PND)