PBBM’s China visit will boost trade, investment, alliance
The long history of business relations between our two countries, the cooperation in the Belt and Road, and now RCEP will facilitate the further growth and deepening of our bilateral business relations.
Trade Secretary Alfredo Pascual (3rd from right) discusses with the members of the media its plans on how to equip the country to be investment ready for the upcoming year. | Photograph courtesy of Raffy Ayeng for the Daily Tribune
Trade Secretary Alfredo Pascual expressed optimism that President Ferdinand Marcos Jr.'s state visit to China from 3 to 6 January would strengthen bilateral and trade ties between both nations.
"The President's visit to China will pave the way for further strengthening our trade and investment relations, particularly as we work to recover from the pandemic and position the Philippines as a regional hub for sustainable and innovative manufacturing and services industries," Pascual told reporters.
Aside from First Lady Liza Marcos, Pascual will be part of Marcos' China visit, along with other key officials such as former President Gloria Macapagal Arroyo, House Speaker Martin Romualdez, Foreign Affairs secretary Enrique Manalo, Finance chief Benjamin Diokno, Information and Communication Technology secretary Ivan Uy and other Cabinet Secretaries whose presence "may be needed to sign bilateral agreements with their Chinese counterparts."
Roundtable with Chinese firms
Pascual said the DTI had organized a series of roundtable meetings for the President during the state visit with major Chinese companies with existing and planned investments in the Philippines in the critical sectors of complementation with China, specifically agribusiness, renewable energy, steel making, nickel ore processing and battery production, and electric vehicle manufacturing.
Chinese importers of tropical fruits from the Philippines will also participate in the meetings, according to Pascual.
The Trade chief said the President's visit to China also aims to build on our export gains and further strengthen relations with key partners in China to help the Philippines realize this additional export potential.
"The sectors with the most considerable export potential to China include, among others, electronic equipment, electrical machinery, metals, optical products, watches, medical instruments, fruits, motor vehicle parts, processed or preserved food products and fish and shellfish," Pascual told members of the media via Viber.
He added the President would be accompanied by a business delegation composed of business executives from Philippine companies with existing and prospective business partnerships with Chinese enterprises. Such partnerships include investments and exports.