Visiting Spanish trade mission signs MOU with Phl investors

MANILA, Philippines (Xinhua) - A 50-member trade mission from Spain signed a memorandum of understanding with the Makati Business Club (MBC) in the Philippines today to improve bilateral relations between both countries' business communities.

"I hope that we start very soon. I have to admit that Spain is too late but we are here to recover the time we have lost and we are trying to do that hand in hand with Philippine friends to make this kind of change," said Spanish Minister for Foreign Affairs and Cooperation Jose Manuel Garcia-Margallo Marfil.

Margallo said the Philippines is a "very wonderful and promising market" to introduce to Spanish companies.

In the MOU, the High Council of Chambers of Commerce, Industry and Navigation of Spain and the Confederation of Employers and Industries of Spain, as well as Makati Business Club decided to promote trade economic mission in order to assist mutual trade between both sides and an exchange of information of interest that will provide Spanish companies data on foreign trade relations, business opportunities, investments, and joint ventures, among others.

Makati Business Club Executive Director Peter Perfecto said that Spaniards are keenly aware of the improvements in Philippine economy and would like to have a share of the developments.

The Spanish group also met with Philippine Trade Secretary Gregory Domingo and with Finance Secretary Cesar Purisima today morning.

After the Philippine leg, the group is bound to visit Vietnam and Indonesia.