PH, Malaysia agree to enhance trade, investment cooperation
Credit to Author: Tempo Desk| Date: Thu, 07 Mar 2019 11:09:35 +0000
PRESIDENT Duterte poses with Malaysian Prime Minister Mahathir Mohamad for a photo after their joint press statement in Malacanang yesterday. (AP)
Believing there is room for improvement, Malaysia and the Philippines yesterday agreed to enhance cooperation on trade, investment, and infrastructure development.
Malaysian Prime Minister Mahathir Mohamad recognized that trade between the two Asian neighbors have been increasing over the years but was largely in favor of Malaysia.
Mahathir, on a two-day official visit to the country, met President Duterte in Malacañang to tackle bilateral issues and concerns, including economic and security cooperation and peace efforts in Mindanao.
“The President and I strongly believe that trade and investment through between the two countries could be further strengthened in the coming years,” Mahathir said after the meeting with Duterte.
“I believe there is still room for improvement and from my meeting with Mr. President, we would encourage private sectors from both countries to explore opportunities of collaboration and venture in new cooperation and investments,” he added.
He said one of the priority areas for closer cooperation was to enhance connectivity which he claimed vital to promoting economic development.
Mahathir noted that Malaysia and the Philippines could use the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area to assist the Mindanao Development Authority.
At present, he said, the Philippines is ranked as Malaysia’s 15th largest trading partner globally and fourth largest trading partner among Association of Southeast Asian Nations member-countries.
The two leaders also discussed the progress in the present areas of tourism, health, and education, including the investment of their private sectors during the meeting.
Mahathir said he looks forward to the signing of the Memorandum of Understanding between the two countries on cooperation in the field of health.
“I highlighted that Malaysia has been a favorite healthcare destination for the Philippines. The number of patients from the Philippines seeking treatment in Malaysia has been increasing over the years,” he said. (Genalyn Kabiling)