PH, Russian firms sign $12.6M in business deals

INVESTMENT and trade agreements valued at $12.6 million were sealed between Philippine and Russian companies during President Rodrigo Duterte’s visit to Moscow.

During the Philippines-Russia business forum in Moscow on Friday, Trade Secretary Ramon Lopez said that 10 agreements were signed between the Philippines and Russia.

“Several members of our business community have concluded 10 business agreements with their Russian partners, ranging from business cooperation, agricultural exports, importation and electric power, with total estimated value of $12.6 million,” Lopez said in his speech.

“The intention is to widen the range of products being exported to Russia,” the Trade chief added.

Apart from the usual electronics and electrical equipmemt, and coconut products, Lopez said they were pushing for autoparts, canned, fresh as well frozen fish and chicken, chemicals, aerospace, and machinery.

“There’s a huge potential in expanding trade and investment cooperation between our two countries since the market have not been really maximized in the past,” Lopez said.

“This is just the beginning of what we see as a source of further market road for our two economies,” he added.

Lopez also said the Philippine government was “committed in widening its trade and investment engagements with our nations under President Duterte’s independent foreign policy.”

“With the established good relations between the two leaders and stronger partnership with the Russian business community, we are confident of making progress with various government initiatives in infrastructure development and the thrust towards developing micro small and medium enterprises,” he said.

In his speech, Duterte urged Russian businessmen to invest in the Philippines, assuring them “that your investments are assured of gains and protection in my country.”

“I say that indeed we have made significant progress in creating a conducive environment for a robust economic engagement between our countries. With strong resolve and commitment, I am confident that our economic ties will continue to prosper to its full potential,” he said.

“The new business agreements forged today will bring us closer to our goal,” the President added.