Sunday, 19 November 2017
Business News

FRIENDSHIP AND UNDERSTANDING | House optimistic business matching to enhance PH-China ties

Rep. Pantaleon D Alvarez 1 Dist Davao Del NortePhilippinesChinaHOR COMPLEX, Quezon City (DWDD) – House Speaker Pantaleon D. Alvarez welcomed the holding of the China (Guangxi) – Philippines Business Matching Seminar for Entrepreneurs as it will contribute to the growth of the economies of both countries and foster more cordial relations of friendship and understanding.

“I hope that this morning’s event will be a gift that will keep on giving. Our partnership here today will contribute to the growth of our economies. Further, it will foster more cordial relations of friendship and understanding, in addition to political good will, between Philippines and China,” said Alvarez during his remarks at the start of the seminar held at the Makati Shangri-la Hotel.

Alvarez further said that by reaching out to each other in the spirit of brotherhood, entrepreneurs from both countries will aid in developing stronger government to government ties between nations, greater culture to culture understanding, and a more robust business to business relationship. “All of us, including our nations, and most of all, our people, will benefit from this,” said Alvarez.

About 150 Chinese and Filipino businessmen from different companies attended the seminar aimed at providing numerous investment opportunities for the participants and other interested entrepreneurs from both China and the Philippines.

The Chinese delegation was composed of representatives from the Autonomous Region of Guangxi led by Peng Qinghua, the Communist Party of China (CPC) chief in south China’s Guangxi Zhuang Autonomous Region; the agriculture sector; businessmen and investors; and concerned public and private institutions.

Alvarez said everyone will benefit from today’s exchanges, considering that there are a number of concerns between both countries’ economies that have to be addressed.

For example, Alvarez said, there is an active trade relation between Guangxi and the Philippines.

The Speaker cited that the main commodities exported from Guangxi to the Philippines include diesel oil, active yeast, liquefied butane, LCD monitor, liquefied propane, diesel truck, motor gasoline and aviation gasoline, hot-rolled alloy steel not in coils, and diesel buses.

Meanwhile, the main commodities imported from the Philippines include nickel ores, copper waste and scrap, copper ore, integrated circuits, processors and controllers, amplifiers, he said.

By the end of 2016, Alvarez said Guangxi approved two investments in the Philippines. Furthermore, enterprises in Guangxi signed two engineering contracts in the Philippines.

“These investments in the Philippines are mainly undertaken by state-owned enterprises. The business scope mainly covers construction industry and service industry such as the installation of some units of AGUS VI Hydropower Station in Iligan City, Mindanao and the Cagayan Hydropower Station in Baguio City. There is much room for more investments,” said Alvarez.

On the other hand, the Speaker said the country accumulatively invested 11 projects in Guangxi. The contracted foreign investment amounted to US$99.07 million. Foreign investment in actual use amounted to US$12.28 million.

The investment projects are mainly in manufacturing such as the Hezhou Jiabao Foods Co., Ltd., and the Guangxi Feilong Real Estate Development Co., Ltd., he said.

Other delegates from the Autonomous Region of Guangxi acknowledged by the Speaker were : Jin Yuan, Counselor of the Economic and Commercial Counsellor’s Office, Embassy of China in the Philippines; Shi Shenglong; Jiang Liansheng, Director General, Department of Commerce; Gan Lin; and Wie Ran.

For the Philippine delegation, the Speaker acknowledged the presence of Bohol Rep. Arthur Yap, chairman of the House committee on economic affairs, and Head of the Phil-China Parliament Friendship Group; representatives of the Department of Trade and Industry (DTI), Philippine Chamber of Commerce and Industry (PCCI), and Philippine Silk Road International Chamber of Commerce.

Meanwhile, in their remarks, Peng and Jin said they are here to implement the cooperation consensus reached by the two leaders of China and the Philippines.

Dr. Francis Chua, PCCI Chairman Emeritus, said the Speaker’s delegation last week was received by no less than Chinese Premier Li Keqiang. He said the improved bond between China and the Philippines is historic after years of cold relationship. “This is an exciting moment for our bilateral relations,” said Chua. CONGRESS / MCAG

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