Zhang headed a 600-member delegation from Guangdong Province which is visiting the country to explore various business and investment opportunities.
Budget Secretary Romulo Neri welcomed the visiting Guangdong delegation and urged them to invest in the Philippines.
A total of $142.13 million worth of contracts were signed yesterday between 26 Chinese and Filipino firms at the start of a business seminar that intends to promote additional business match ups between Chinese and Filipino firms.
The signing ceremony was witnessed on the Philippine side by Budget Secretary Neri, Board of Investments (BOI) managing head Elmer C. Hernandez and Francis Chua of the Federation of Filipino-Chinese Chamber of Commerce Inc. (FFCCCI) and on the Chinese side by Zhang Dejiang, member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Committee of Guangdong Province and Liang Yaowen, head of the Guangdong Economic and Trade Delegation.
According to Chua, the $142 million worth of contracts signed yesterday is only a miniscule part of the $13 billion worth of trade between China and the Philippines.
The visit of the 600 member Guangdong delegation, Chua said, is an indication of China’s interest in doing business with the Philippines.
The Philippines is part of a regional visit by the Chinese delegation which also plans to visit Australia, Indonesia and Thailand.