MANILA, Philippines - The Philippines is looking at expanding its trade and investment relationship with Russia in line with the goal of the government to look for other markets outside the United States.
At the Philippine-Russia Business Forum held yesterday, Ambassador Nikolay Rishatovich Kudashev of the Russian Federation said potential Russian investments in the Philippines is in the area of technology and business process outsourcing (BPO).
The ambassador said the relationship between Russia and the Philippines has a positive contribution to the cause of modernizing the economy.
In a statement, DTI said Russia shows a strong potential as a market for finished goods from the Philippines. Data from the Bureau of Export Trade Promotion showed that Philippine exports to Russia increased by 15 percent to $39.09 million in 2009 from $33.92 million in 2008. Top Philippine exports to Russia in 2009 were aircraft parts, desiccated coconut, carrageenan, lighters, personal care products, and banana chips.
According to the DTI, there is a steady demand for spare parts with 2.5 million Russians using imported cars. Consumption is also likely to increase for canned products, frozen crabmeat, and a range of processed seafood products including canned, pickled, bottled or smoked items.
Snack foods will also become an increasingly important part of Russia ’s food culture, with particular emphasis on value-added products.
According to ROMIR Monitoring, a market research firm based in Russia, beer remains a popular beverage in Russia and that it is likely that their spending habits will follow English and American trends with food accounting for 15 percent; non-food, 43 percent; and services, 42 percent.
Likewise, the demand for more ship vessels in Russia is an opportunity for the thriving Philippine shipbuilding industry that services major shipbuilders like Tsuneishi and Hanjin.