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Manila Bulletin devider Business devider Trade & Industry devider BOI highlights PH strategic advantages with Russia

BOI highlights PH strategic advantages with Russia

Published Oct 6, 2023 05:31 am

The Board of Investments (BOI) highlighted the Philippines' strong economic growth, foreign direct investments, and strategic advantages such as its Filipino workforce at the recent Philippine-Russia Business Forum. 

At the sidelines of the 3rd Philippines- Russian Federation (RF) Joint Commission on Trade and Economic Cooperation (JCTEC), BOI gathered Russian and Philippine private sector representatives in the said forum to discuss trade relations, economic prospects, and collaborative opportunities between the two nations.

In his welcome remarks, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo presented a comprehensive overview of the Philippine macroeconomic landscape, emphasizing robust economic growth and foreign direct investments, and highlighting the country's strategic advantages.

“The Philippines is positioned as the regional hub in Southeast Asia for smart and sustainable manufacturing and services, using market-based tools that empower the private sectors,” he said.

“That goal is attainable through our country’s foremost and strongest advantage, which is the Filipino workforce. Russian investors stand to gain in investing in the Philippines with Filipinos as the backbone of its operations,” he added.

Further, Rodolfo emphasized that the Philippines presented numerous investment opportunities, including mineral processing, electric vehicle manufacturing, infrastructure development, and pharmaceuticals.

Likewise, he said that the nation's ongoing efforts to liberalize its economic climate and permit up to 100 percent foreign ownership demonstrated the Philippine government's commitment to attract foreign investment.

For his part, Russian Federation Ministry of Industry and Trade Deputy Minister Alexey Gruzdev assured the audience of Russia's commitment to international obligations and its intention to satisfy demand while supplying goods and services to partners.

He further emphasized that Russia views trade as a two-way collaboration, recognizing that it is not only about delivering goods but also purchasing them from partner countries.

This includes the sharing of expertise, experience, and knowledge, offering specialized training, after-sales support, maintenance services, and the establishment of service centers. 

Gruzdev also underscored the Philippines' significance as a key partner for the Russian government, expressing optimism that the JCTEC discussions will effectively tackle business collaboration issues.

“We can Make it Happen for you in the Philippines," Rodolfo concluded, reiterating the Philippine government's commitment to enhancing its investment climate and inviting Russian companies to participate in its economic transformation.  

Over 160 Russian and Philippine business delegations attended the Philippines-Russia Business Forum, representing various sectors including agriculture, transport, logistics, chemicals, mining, pharma, tourism, steel, metal, energy, and IT solutions. (Ma. Joselie C. Garcia)
 

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