China buying more PH bananas
Published Sep 20, 2018 12:00 am
By Bernie Cahiles Magkilat
China has signed new deals to buy more bananas from the Philippines through Fujian, one of its key cities, with strong Filipino-Chinese ties.
Ramon M. Lopez
Top level executives of Fujian firms and Filipino businessmen signed 15 cooperation and joint venture agreements, including Philippine banana exports, at the recent business networking conference organized by the Fujian government and led by Governor Tang Dengjie and Department of Trade and Industry (DTI) Secretary Ramon M. Lopez.
Two agreements were signed on the purchase of Philippine bananas amounting to $4.51 million from Del Monte Fresh Produce and $ 6.27 million from Verde Horizon Agri-Ventures Corp.
Other agreements signed covered industry, agriculture, tourism, and real estate collaborations.
“Fujian investors and members of their business sector have strong interest in investing in the Philippines considering our potentials. They would also like to ride on our growing economy and join us in sustaining growth momentum,” Lopez added.
The Philippines is keen on strengthening economic relations with one of China’s key provinces, Fujian.
Lopez discussed trade and investment opportunities in the Philippines as well as the Duterte government’s commitment to facilitate ease in doing business in the country.
“We have strong historical ties with Fujian Province and its people. Our proximity with each other has attracted so many Fujian investors to do business in the country and partner with other Filipino business groups. Some of the known Filipino-Chinese Taipans trace their origins from Fujian. And now that we have renewed our relationship with China, we can push further our collaboration in enhancing trade and investment relations that would have mutual benefits for both parties,” said Lopez.
The trade chief encouraged Fujian businesses to locate and expand their operations in the Philippines.
He emphasized Philippines as a critical entry point to over 600 million people in the ASEAN market and a natural gateway to the East-Asian economies.
He underscored preferential trade agreements with different trading partner countries such as ASEAN, Japan, China, Korea, India, Australia and New Zealand.
Likewise, he highlighted Philippines eligibility in United States’ Generalized System of Preferences (GSP), European Union’s Generalized Scheme of Preferences Plus (GSP+), as well as the free trade agreement signed by the country to the European Free Trade Association (EFTA) Member States.
Moreover, Lopez reiterated Philippines strong macroeconomic fundamentals as well as ongoing government reforms and programs to assist investors in doing business in the country.
He also invited Fujian business delegation, particularly those from the construction and engineering industries to participate in the infrastructure development programs of the government and employ Filipino professionals.
For his part, Fujian Gov. Tang Dengjie expressed his positive outlook for Philippines and Fujian economic relations. According to the Governor, the Philippines is an important investment destination for Fujian. He also commended the economic and investment breakthroughs of Philippines and China, as well as both parties’ efforts to promote people-to-people relations.
Philippines and China relations improved under the administration of President Rodrigo Duterte. In 2017, China ranked as the PH’s top trading partner, fourth largest export market, and top import supplier. PH exports to China grew by 25.81 percent from $6.37 billion in 2016 to $8.02 billion in 2017.
Approved Foreign Investments from China also increased by 53.6 percent from P1.52 billion in 2016 to P2.3 billion in 2017. It ranked ninth among the country’s largest source of foreign investments.
Ramon M. Lopez
Top level executives of Fujian firms and Filipino businessmen signed 15 cooperation and joint venture agreements, including Philippine banana exports, at the recent business networking conference organized by the Fujian government and led by Governor Tang Dengjie and Department of Trade and Industry (DTI) Secretary Ramon M. Lopez.
Two agreements were signed on the purchase of Philippine bananas amounting to $4.51 million from Del Monte Fresh Produce and $ 6.27 million from Verde Horizon Agri-Ventures Corp.
Other agreements signed covered industry, agriculture, tourism, and real estate collaborations.
“Fujian investors and members of their business sector have strong interest in investing in the Philippines considering our potentials. They would also like to ride on our growing economy and join us in sustaining growth momentum,” Lopez added.
The Philippines is keen on strengthening economic relations with one of China’s key provinces, Fujian.
Lopez discussed trade and investment opportunities in the Philippines as well as the Duterte government’s commitment to facilitate ease in doing business in the country.
“We have strong historical ties with Fujian Province and its people. Our proximity with each other has attracted so many Fujian investors to do business in the country and partner with other Filipino business groups. Some of the known Filipino-Chinese Taipans trace their origins from Fujian. And now that we have renewed our relationship with China, we can push further our collaboration in enhancing trade and investment relations that would have mutual benefits for both parties,” said Lopez.
The trade chief encouraged Fujian businesses to locate and expand their operations in the Philippines.
He emphasized Philippines as a critical entry point to over 600 million people in the ASEAN market and a natural gateway to the East-Asian economies.
He underscored preferential trade agreements with different trading partner countries such as ASEAN, Japan, China, Korea, India, Australia and New Zealand.
Likewise, he highlighted Philippines eligibility in United States’ Generalized System of Preferences (GSP), European Union’s Generalized Scheme of Preferences Plus (GSP+), as well as the free trade agreement signed by the country to the European Free Trade Association (EFTA) Member States.
Moreover, Lopez reiterated Philippines strong macroeconomic fundamentals as well as ongoing government reforms and programs to assist investors in doing business in the country.
He also invited Fujian business delegation, particularly those from the construction and engineering industries to participate in the infrastructure development programs of the government and employ Filipino professionals.
For his part, Fujian Gov. Tang Dengjie expressed his positive outlook for Philippines and Fujian economic relations. According to the Governor, the Philippines is an important investment destination for Fujian. He also commended the economic and investment breakthroughs of Philippines and China, as well as both parties’ efforts to promote people-to-people relations.
Philippines and China relations improved under the administration of President Rodrigo Duterte. In 2017, China ranked as the PH’s top trading partner, fourth largest export market, and top import supplier. PH exports to China grew by 25.81 percent from $6.37 billion in 2016 to $8.02 billion in 2017.
Approved Foreign Investments from China also increased by 53.6 percent from P1.52 billion in 2016 to P2.3 billion in 2017. It ranked ninth among the country’s largest source of foreign investments.