The deputy minister of the Russian government has aired hopes that the Joint Commission on Trade and Economic Cooperation or JCTEC between the Philippines and their government would push through.

During the 3rd Philippines-Russian Federation JCTEC meeting last 4 October at the Makati Diamond Residences, Russian Federation Ministry of Industry and Trade Deputy Minister Alexey Gruzdev made sure of Russia's commitment to international obligations and its intention to satisfy demand while supplying goods and services to partners.

He said: "Russia views trade as a two-way collaboration and it is not only about delivering goods but also purchasing them from partner countries."

Gruzdev said this includes the sharing of expertise, experience and knowledge, offering specialized training, after-sales support, maintenance services and the establishment of service centers.

He underscored the importance of the Philippines as a priority partner for the Russian government, expressing hope that the JCTEC discussions would successfully address issues crucial to business collaboration.

During his media interview with the state-run Philippine News Agency, Gruzdev said: "We look positive but it's really important for the businesses to become the drivers because, in the end, it is for the businesses to make this decision to invest, to trade, to buy and sell."

"We are to create favorable conditions for that. And I believe that our commission has done a great job for that," he said, adding that Russia is interested in increasing and diversifying its imports from the Philippines from canned tuna to more tropical fruits.

"Up to now, more than 15 percent of the Philippines' export to the Russian market stands for agricultural products and there is some interest to increase and to diversify, and we are ready to study the possibilities because the Russian consumer market is really big," he said.

In terms of exports, Gruzdev maintained that they are ready to compete with the country's traditional suppliers and guaranteed that its meat— from pork, beef, and poultry products— that are of high quality and would be sold "at an acceptable price".

"We proposed to stay as an alternative channel for sourcing these important goods to the Philippines, to our friends," he said.

He said Russia can provide more goods such as wheat and metal products to the Philippine market.

Gruzdev said trade between Russia and the Philippines plummeted to $857 million in 2022 from at least $1.16 billion in 2021.

According to the Board of Investments, the products that the Philippines promoted to Russia are those where the Philippines ranks as among the top 20 global suppliers that are currently being imported by Russia, which include consumer goods (food and non-food) and products that can be part of Russia's technology independence initiative.

Other products being ushered to Russia are integrated circuits, static converters, multifunctional printers, memory cards, radio and navigational apparatus, travel bags and handbags, car batteries, circuit breakers, fruits and vegetable products (fresh or dried bananas, prepared or preserved pineapples, fruit juices, coconut products), and processed food.

For his part, BoI managing head, Undersecretary Ceferino Rodolfo provided a comprehensive overview of the Philippine macroeconomic landscape, emphasizing robust economic growth and foreign direct investments, and highlighting the country's strategic advantages.

"The Philippines is positioned as the regional hub in Southeast Asia for smart and sustainable manufacturing and services, using market-based tools that empower the private sectors. That goal is attainable through our country's foremost and strongest advantage which is the Filipino workforce. Russian investors stand to gain in investing in the Philippines with Filipinos as the backbone of its operations," he said.

He added that the Philippines presented numerous investment opportunities, including mineral processing, electric vehicle manufacturing, infrastructure development, and pharmaceuticals.

Rodolfo stressed that the country's continued efforts to liberalize its business environment, allowing up to 100 percent foreign ownership, likewise demonstrated the Philippine government's dedication to attracting foreign investment.