CEBU, Philippines - The Chamber of Commerce and Industry of the Russian Federation has formally approved the formation of the Russian-Philippine Business Council opening more trade and economic opportunities for Filipino entrepreneurs.
The RPBC signed a memorandum of agreement with the Philippine-Russian Business Assembly (PRBA), which is its counterpart in the Philippines.
In a press statement, the President of the Philippine Russian Business Assembly and the Honorary Consul of the Russian Federation in the Philippines, Armi Lopez Garcia, said that this historic MOA signing between the RPBC and the PRBA is a proof of the commitment of both countries to strengthen its economic and cultural ties.
For the Philippines, Garcia said the development should translate to more tourists, more trade, and more investments from Russia. This should also further open the Russian economy for more exports from the Philippines.
George Petrov, vice president of the Russian Federation’s commercial and trade department said that RPBC will assist in the development and strengthening of mutually advantageous bilateral economic relations to businesses giving primary attention to medium-sized businesses.
Petrov said the formation of the RPBC was approved because of the growing trade and economic relations between Russia and the Philippines.
According to the Department of Trade and Industry, 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% 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.
DTI added that 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. 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. — (FREEMAN)