Chinese firms keen on more trade, investments in Phl

MANILA, Philippines - Chinese businesses are keen to trade and invest more in the Philippines amid its growing economic growth.

Xu Ningning, Executive Secretary General of China-ASEAN Business Council (CABC), said they are willing to cooperate with the Philippines in sectors such as agriculture, fishery, infrastructure, mining, energy, information and communication technology, manufacturing, tourism, engineering service, forestry and some other areas.

“There are huge cooperation potential and numerous business opportunities for trade and economic cooperation between China and the Philippines,”  he said during the recent Philippine-China Business Forum organized by the Philippine Chamber of Commerce and Industry (PCCI) held here.

Ningning said that as Chinese enterprises are eager to “go out”, the Philippines and other ASEAN countries have become their biggest markets.

He said the Philippines is one of their preferred markets and investment locations, citing its fast economic growth that is expected to accelerate six to seven percent this year.

“At present, the Philippines is actively attracting foreign investments and promoting its industrial development. And China is actively implementing its 12th Five-Year Plan, with its average annual GDP (gross domestic product) growth rate at seven percent as planned,” he added.

With this, Ningning urged the need to implement the five-year development program for trade and economic cooperation signed by the Philippines and China in 2011 which targeted to expand the volume of bilateral trade to $60 billion by 2016.

“The Philippines should actively promote its business opportunities and famous brands in China. Philippine companies should enhance their capacity of exploring Chinese market,” he said.

Likewise, Ningning said the two countries should further open their markets under the framework of China-ASEAN Free Trade Area.

For his part, Yu Ping, Vice Chairman of China Council for the Promotion of International Trade (CCPIT), said both countries are highly complementary in the cooperation areas of agricultural technology, industrial development, tourism and education. CCPIT is China’s largest trade organization.

“With regards to industrial cooperation, China and the Philippines have vast space for growth as China has established a complete set of manufacturing system and Philippines has advantage in semiconductor and electronic products,” he said.