Philippines, South Africa eye greater bilateral trade

MANILA, Philippines -The Philippine Chamber of Commerce and Industry (PCCI) plans to renew its partnership with the South African Chamber of Commerce and Industry (SACCI) to work together and promote trade opportunities in both countries. 

According to PCCI president Alfredo Yao, renewal of a memorandum of agreement (MOA) with the SACCI, which represents small, medium and large enterprises in South Africa, would strengthen the ties between the PCCI and South Africa’s private sector.

The plan was discussed by Yao and other PCCI officials during a meeting with South Africa’s Ambassador to the Philippines Martinus Slabber.

Benedicto Yujuico, PCCI director and president of the Confederation of Asia-Pacific Chambers of Commerce and Industry, said a revived cooperation agreement with SACCI would be necessary to facilitate exchange of visits and to plan other activities to boost the two countries’ trade. 

Slabber plans to discuss with the SACCI a draft MOA aimed at increasing bilateral trade.

He noted that South Africa became interested in opportunities in Asian countries, particularly those with high economic growth rates, two years ago. 

It is in the interest of PCCI to work with the SACCI to encourage Philippine and South African firms to explore opportunities available in both countries. 

South African businessmen, Yao said, could make investments here for production of goods that would be qualified for tariff-free entry to other Association of Southeast Asian Nations (ASEAN) member countries. 

The Asean, which is set to establish an economic community by the end of this year, offers opportunities for businesses given its 600 million consumers, with many belonging to middle-income households with increasing purchasing power.

Data from the Philippine Statistics Authority showed Philippine exports to South Africa were valued at $55 million in 2013. 

Among the country’s major exports to South Africa are automotive parts, particularly transmissions as well as coconut products.

In 2013, Philippine imports from South Africa, meanwhile, amounted to $273 million.

The PCCI, the country’s largest business organization, is actively promoting the Philippines as a hub in the Asean to support the growth of local businesses as well as the government goal’s of making the country an attractive destination for investments to create jobs and achieve inclusive economic growth.