Russia diversifying trade ties with Phl

The idea was not to sign contracts, or MoU but to explore new possibility because our trade and economic relation’s unfortunately not that diversified as we wished it to be.

Russian companies seek stronger cooperation with the country’s public and private sectors for potential partnerships in several industries including infrastructure, hospital and power as part of its bid to deepen economic relations with the country.

Russian Federation deputy minister of industry and trade Alexey Gruzdev, who is also co-chair of the joint Russia-Philippines Commission on Trade and Economic Cooperation held Wednesday, 25 September, said the Russian delegation made up of more than 15 companies has met with Filipino firms San Miguel Corp. and Udenna Corp. to discuss potential partnerships in the various sectors they are engaged in.

He said the delegation has also met with Departments of Health Undersecretary Dr. Rolando Domingo, Transportation Secretary Arthur Tugade and Trade and Industry Secretary Ramon Lopez.

The parties have not come up with anything concrete in the meetings yet, Gruzdev said. Still, he hoped the talks eventually lead to “contracts or joint cooperation” to support the growing trade turnover between the two countries.

“The idea was not to sign contracts, or MoU (memorandum of understanding) but to explore new possibility because our trade and economic relation’s unfortunately not that diversified as we wished it to be,” he told reporters at a news briefing in Makati on 25 September, Wednesday.

He identified pharmaceutical and medical equipment, aviation, automobiles, liquefied natural gas as well as road and railways infrastructure as among the sectors Russia could contribute to in order to strengthen trade ties with the Philippines.

Gruzdev added that they are “studying” the government’s infrastructure program, “Build, Build Build,” but would ultimately need the Philippine government to identify priority sectors on top of “sound measures for market access and incentives for the projects” for the firms to pursue investments.

Meanwhile, president Rodrigo Duterte is also set to sign “a number of agreements” in different sectors during his visit to Russian president Vladimir Putin in Russia on 1 to 5 October this year, Russian ambassador to the Philippines Igor Khovaev said. While he did not elaborate on the agreements, he said the details will be announced soon.