Agreements to boost PH-China trade ties
Credit to Author: The Manila Times| Date: Mon, 02 Sep 2019 17:30:31 +0000
More business and investment opportunities between the Philippines and China are expected with the recent signing of several business agreements.
In a statement on Monday, the Department of Trade and Industry (DTI) said Steel Asia and the HBIS Group signed a memorandum of understanding (MoU) on the establishment of a $1-billion integrated steel mill in Batangas.
The project is expected to support the country’s bid to be a major producer of high-quality and safe steel products by 2030.
Under the agreement, ISM will allow the country to produce basic iron and steel products, including flat products not yet being produced in PH.
The signing was made at the PH-China Business Forum, which was attended by 272 businessmen from established companies of both countries.
Agreements were also signed between Tranzen Group and its Chinese partners, which indicated progress of their projects related to national WiFi and emergency services, socialized housing, expressways, and power plants.
“The Department of Trade and Industry is committed to aggressively promote increased business with China. This is an important opportunity for promoting investments and partnerships in line with our Inclusive, Innovative Industrial Strategy,” said Trade Secretary Ramon Lopez.
“Furthermore, this will increase capacities of our manufacturing base to serve the growing domestic demand, promote import substitution, and to export more—not only to China—but also to other markets,” he added.
China is the Philippine’s largest trading partner, third largest export market, and top import supplier.
The countries’ bilateral merchandise trade for 2018 amounted to $30.8 billion and $2.75 billion as of June 2019.
Philippine exports to China grew by 7.7 percent year-on-year to $4.6 billion in January to June of 2019.
Lopez expressed optimism in the relationship of the two countries under President Duterte’s administration.
The local business delegation included members of the Philippine Chamber of Commerce and Industry (PCCI) and Silk Road Chamber led by Ambassador Francis Chua, the Federation of Filipino-Chinese Chambers of Commerce and Industry (FFCCCII) led by President Henry Lim Bon Liong, and Philippine Overseas Construction Board (POCB) led by DMCI Holdings Inc. Chairman Isidro Consunji.
Members of the Chinese delegation included representatives from China International Chamber of Commerce for the Private Sector (CICCPS) led by its founder Xue Chengbiao, Panhua Group Chairman Li Xinghua, China Railway Sixth Group Chairman Ji Zhihua, China Power International Holdings Ltd. General Manager Tian Jun, Shanghai Geoharbour Construction Group Chairman Xu Shilong, C&U Group Chairman Zhang Tongsheng, and Zhongguancun Industry and Technology Park Management Service Hebei Co. Ltd. Chairman Fu Chunyi.
ANNA LEAH E. GONZALES