The Philippines and the Fujian Province in China marked a significant milestone in boosting economic trade relations with the signing of 24 industrial projects, including steel production and logistics in the Philippines, during a joint demonstration zone conference in Manila.
The said projects will be established both in the Fujian and the Philippine economic zones.
According to Trade and Industry Secretary Alfredo E. Pascual, the signing of the 24 projects "will mark a significant step forward in our journey of economic collaboration" and that the endeavor "embodies the spirit of partnership, where our collective efforts will create a win-win situation for both our nations."
Some projects to be established within the Fujian province include the Megasoft Philippines’ regional corporate headquarters in Quanzhou, and the building of an electronic carbonate integration project in Zhangzhou by Fujian Dongchen New Energy Technology Co. Ltd.
Within the Philippine area, projects include the construction of a steel production base in the Bataan Economic Zone and the establishment of the “JingQi” Overseas Warehouse Project for a one-stop cross-border operation services.
The signing ceremony for the Fujian-Philippines Economic and Trade Cooperation Projects was held during the China (Fujian)-Philippines Joint Demonstration Zone for Economic Innovative Development, and Economic and Trade Cooperation Promotion Conference last Sept. 25 at Conrad Hotel in Manila.
In his speech during the even, Pascual highlighted the strong economic partnership between the Philippines and China, particularly in the Fujian province.
The trade chief recognized that through trade cooperation projects, both nations are poised for stronger economic trade relations.
He also stressed that “China's prominence in the Philippine economic narrative is undeniable" as "our most significant trade ally among 231 nations." He added that in 2022 alone, "China was our primary source of imports and our third-highest export destination.”
Further, he mentioned that President Ferdinand R. Marcos Jr.’s visit to China earlier this year also “unlocked transformative collaborations worth nearly $23 billion across diverse sectors” which is an indication of a “deepening economic relationship”.
Pascual said Fujian province sees the Philippines as a key ASEAN trade partner, investment source, and outbound venture destination, solidifying their shared vision for progress.
He underscored that the Fujian and the Philippines' industrial landscapes, particularly in agriculture and manufacturing, are harmoniously complemented by their geographical proximity.
Meanwhile, the trade chief welcomed the promotion of the Philippines-China (Fujian) Industrial Park, particularly the Yatai Industrial Park in the Philippines which will provide platforms for businesses from both sides to thrive and innovate.
“This initiative will pave the way for further investments, job creation, and technological advancement, enhancing the economic landscape in both the Philippines and Fujian Province,” Pascual said.
In a quick interview with reporters during the event, Pascual said that Philippine-based Chinese firms who are from Fujian are becoming Philippine citizens and the relationship between the Philippines and the Fujian province is close.
“The investment is not only from Fujian province to the Philippines but from the Philippines to Fujian province as well,” he said. (Ma. Joselie C. Garcia)