Filipino exporters and importers are invited to participate in the 136th Canton Fair slated for Oct. 15 to Nov. 4, 2024 at the Guangzhou International Convention and Exhibition Center in southern China’s Guangdong Province. The venue at Pazhou Island in Guangzhou City is considered the largest convention center in the world with an area of 1.13 million square meters. It also has 45 exhibition halls with a total leasable space of 620,000 square meters.
Founded in 1957, the Canton Fair has since been staged twice a year every spring and autumn. In 2020, it went online due to the pandemic, but resumed face-to-face interaction starting in 2021. Today it has become China’s longest-running trade event for global and local importers and exporters. During its recently concluded 135th edition from April 15 to May 5 this year, a record number of 246,000 overseas visitors from 215 countries and regions attended the fair.
The onsite exhibition is being organized in three phases. Phase 1 on Oct. 15-19 will feature consumer electronics and information products; household electrical appliances; lighting equipment; hardware and tools. Phase 2 on Oct. 23-27 focuses on kitchenware and tableware; general ceramics; weaving, rattan, and iron products; glass artware; gifts and premiums; furniture, decorative, and building materials. For Phase 3 from Oct. 31 to Nov. 4, the trade displays will include textiles, fabrics, and tapestries; fashion accessories and fittings; men’s and women’s clothing; health products and medical devices; personal care products; sports, travel, and recreation products.
During a recent roadshow in Taguig City to promote the Canton Fair, Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. President Dr. Cecilio Pedro said “the Philippines should continue to pursue stronger trade ties with China despite recent incidents in the West Philippine Sea.” He advised Filipino businessmen not to be sidetracked by current developments that may cast shadows of discord in the bilateral relationship of these two nations.
Department of Trade and Industry Undersecretary Ceferino Rodolfo agreed with Dr. Pedro that “politics and economics must be separated amidst geopolitical tensions.” He believes that trade is a potent force for peace, and the participation of Filipino entrepreneurs in the Canton Fair will not only be to tap into sourcing or export opportunities and to benchmark global best practices. It would also encourage Chinese companies to invest in the Philippines.
Data from the Philippine Statistics Authority have shown that the total value of approved foreign investments from China reached over $160 billion in the previous Duterte administration. Official development assistance (ODA) from the Beijing-led Asian Infrastructure Investment Bank (AIIB) amounted to $2.5 billion during the Duterte administration.
Among the projects funded by ODA loans from the Chinese government are the Samal Island-Davao City Bridge; Chico River Pump Irrigation Project; and New Centennial Water Source of the Kaliwa Dam Project. The Metro Manila Flood Management Project was partially funded by the AIIB, while the Estrella-Pantaleon Bridge and the Binondo-Intramuros Bridge were gifts from the Chinese government in the form of grants.
FDIs at various stages of development include the framework agreement between the local government of Pampanga and Macrolink Group worth $1.5 billion to construct and develop the Yatai Industrial Park; the $1.5 billion petrochemical refinery processing plant complex of Fengyuan Holdings in Davao Occidental; the $500 million nationwide WiFi infrastructure of the Tranzen Group and CITIC Guoan Information Technology; the $50 million iron processing plant of Adnama Mining Resource Inc. in Agusan del Norte; the $40 million collaboration of the Department of Energy and Shanghai Electric Group Co. Ltd. to promote indigenous and renewable energy resources; and the 250-megawatt South Pulangi Hydroelectric Power Plant in Bukidnon funded by China Energy Co. Ltd.
As a result of increased Filipino participation at the Canton Fair, more FDIs from China would be forthcoming if geopolitical issues are set aside in favor of economic cooperation between our neighboring countries.
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J. Albert Gamboa is a Life Member of the Financial Executives Institute of the Philippines (FINEX) and Vice-Chair of the FINEX Ethics Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and the Manila Bulletin. #FinexPhils www.finex.org.ph