ACC Trade and Investment Mission Visited the Philippines

source:ASEAN-China Centre

ACC organized an investment mission to Manila, the Philippines on 23-24 May 2017. The mission was led by Mr. Li Yuan, Director of Trade and Investment Division, and was joined by about 20 representatives from enterprises in Beijing, Shandong, Jiangsu and Guangdong provinces. During the stay in the Philippines, ACC organized a Forum on Trade and Investment Cooperation between China and the Philippines and Business Matchmaking Meeting. The delegation paid a courtesy call on Ms. Rosvi C. Gaetos, Assistant Minister of the Department of Trade and Industry (DTI) of the Philippines, and on the Commercial Counsellor of China to the Philippines. The delegation also made field trips during their stay in Manila.

At the Forum, Director Li Yuan said that China and the Philippines enjoy great comparative advantages, cooperation potential and economic complementarity. Despite the global trade decline, bilateral trade volume between China and the Philippines reached USD 47.2 billion in 2016, a year on year increase of 3.4%. Bilateral investment cooperation maintains strong momentum. The Philippines is an important member of ASEAN as well as this year’s Rotating Chair of ASEAN. Further strengthening Philippines-China trade and economic relationship serves the common interests of both sides and is of great significance to promoting ASEAN-China cooperation and Philippines-China cooperation as well as realizing common development and prosperity of the region. Assistant Minister Rosvi C. Gaetos noted that the Philippines enjoys a good momentum in economic development. It kept an annual growth rate of around 6.3%. The FDI keeps a steady growth. The Philippines and China are close neighbours. China is the second largest trade partner of the Philippines. The Philippines attaches great importance to the development of trade and economic cooperation with China. The Dutertenomics gives priority to infrastructure development, which is in line with China’s Belt and Road Initiative and provides new opportunities to bilateral cooperation. She hoped that entrepreneurs from both sides can seize the opportunities, enhance communications and find more business opportunities.

The representatives from the Philippine Chamber of Commerce & Industry, Manila Global Trade Group, the Export Market Bureau of DTI and the Investment Promotion Committee of the Philippines addressed the Forum and briefed the business environment and relevant policies in the Philippines. Representatives of the business community from both sides introduced their businesses and future development plans and expressed their hopes to take advantage of the Forum to create more business opportunities for common development. After the Forum, representatives of the business community had in-depth discussions and reached preliminary consensus on future cooperation.

During the meeting with Mr. Jin Yuan, Economic and Commercial Counsellor of China to the Philippines, he elaborated on the economic development and business environment in the Philippines and answered questions of the delegates.

The delegation also paid visit to small towns with unique features located in the new zone and exchanged views with local businessmen.