31 March 2014 – In a bid to further boost economic ties between the Philippines and Portugal, Ambassador Philippe J. Lhuillier visited the International Business Center of Madeira (IBCM) and met with Dr. Francisco Costa, the Chairman and CEO of Sociedade Desenvolvimento da Madeira (SDM) on March 20.

During his meeting with Dr. Costa, Ambassador Lhuillier suggested that SDM look into trade and investment opportunities in Southeast Asia. The Ambassador also emphasized the Philippines’ capacity to become a gateway to other markets in the region.

IBCM was created to attract foreign direct investment in order to diversify and modernize the Madeira’s economy. It has been conceived as a program of regional development and it is a regime of State aid fully approved and supported by Portugal and the European Union (EU). The IBCM is fully integrated in the Portuguese and EU legal systems, being not only an efficient investment location but also a well-regulated business center recently regarded by the Organization for Economic Cooperation and Development (OECD) as a model to follow.

IBCM is promoted and administered by the SDM, which is a mixed-capital company appointed by the Regional Government of Madeira. SDM is public-private entity with the Regional government having only 25% interest in the company and the remaining 75% made up of private entities. The Chairman and CEO of SDM is elected by the Board of the SDM. END