PH to diversify trade with Russia
Published Oct 6, 2019 12:00 am
By Myrna M. Velasco
The Department of Trade and Industry (DTI), which led the Philippine (PH) business delegation accompanying President Rodrigo Duterte’s visit to Moscow, said the second presidential state visit was expected to diversify products traded by the Philippines following the signing of 10 business deals between Russian and Filipino businessmen.
Trade and Industry Secretary Ramon M. Lopez (Bloomberg)
DTI Secretary Ramon Lopez spearheaded a trade and investment forum for the Russian business community during the President’s visit last week. DTI organized the business forum, which gathered over 400 business delegates from various industries including food, automobile, healthcare, manufacturing, and power.
“The intention is also to widen the range of products being exported. Apart from the usual electronics and electrical products, coconut products and carrageenan, we are pushing for auto parts; canned, fresh, as well as frozen fish and chicken; chemicals; aerospace; and machineries,” said Lopez in a statement.
“We are likewise promoting investments in pharmaceuticals, chemicals, aerospace and aviation, energy, oil and gas, agri and industrial machineries, shipbuilding, infrastructures like railways, water treatment, waste to energy, IT-BPM, retail and tourism, which are also the areas Russian investors have indicated interest on.”
Lopez cited the huge potential in expanding trade and investments cooperation between the two countries since the markets have not been really maximized in the past.
“This is just the beginning of what we see as a source of further market growth for our two economies,” the trade chief added.
The Philippine government is committed in widening its trade and investments engagements with other nations under President Duterte’s independent foreign policy.
With the established good relationship between the two leaders and stronger partnership with the Russian business community, Lopez said “We are confident of making progress with various government initiatives in infrastructure development and the thrust towards developing micro, small, and medium enterprises.”
A total of 10 agreements were signed during the Duterte’s state visit to Moscow.
Lopez noted that while total bilateral trade doubled last year, the levels have been relatively low as it amounted only to $1.36 billion.
“Philippine exports to Russia have just practically started, reaching only $86 million in 2018 from $69.5 million in 2017,” he said. Notable Philippine exports to Russia include wiring sets for vehicles, aircraft, and ships; semiconductor devices; and desiccated coconuts. Imports have basically been limited to oil, wheat and steel products.
Prior to the presidential visit to Moscow, Lopez discussed other trade and investment opportunities with Russian Deputy Minister of Industry and Trade Aleksey Gruzdev and his business delegation in Manila.
Trade and Industry Secretary Ramon M. Lopez (Bloomberg)
DTI Secretary Ramon Lopez spearheaded a trade and investment forum for the Russian business community during the President’s visit last week. DTI organized the business forum, which gathered over 400 business delegates from various industries including food, automobile, healthcare, manufacturing, and power.
“The intention is also to widen the range of products being exported. Apart from the usual electronics and electrical products, coconut products and carrageenan, we are pushing for auto parts; canned, fresh, as well as frozen fish and chicken; chemicals; aerospace; and machineries,” said Lopez in a statement.
“We are likewise promoting investments in pharmaceuticals, chemicals, aerospace and aviation, energy, oil and gas, agri and industrial machineries, shipbuilding, infrastructures like railways, water treatment, waste to energy, IT-BPM, retail and tourism, which are also the areas Russian investors have indicated interest on.”
Lopez cited the huge potential in expanding trade and investments cooperation between the two countries since the markets have not been really maximized in the past.
“This is just the beginning of what we see as a source of further market growth for our two economies,” the trade chief added.
The Philippine government is committed in widening its trade and investments engagements with other nations under President Duterte’s independent foreign policy.
With the established good relationship between the two leaders and stronger partnership with the Russian business community, Lopez said “We are confident of making progress with various government initiatives in infrastructure development and the thrust towards developing micro, small, and medium enterprises.”
A total of 10 agreements were signed during the Duterte’s state visit to Moscow.
Lopez noted that while total bilateral trade doubled last year, the levels have been relatively low as it amounted only to $1.36 billion.
“Philippine exports to Russia have just practically started, reaching only $86 million in 2018 from $69.5 million in 2017,” he said. Notable Philippine exports to Russia include wiring sets for vehicles, aircraft, and ships; semiconductor devices; and desiccated coconuts. Imports have basically been limited to oil, wheat and steel products.
Prior to the presidential visit to Moscow, Lopez discussed other trade and investment opportunities with Russian Deputy Minister of Industry and Trade Aleksey Gruzdev and his business delegation in Manila.