The Daily Tribune <<< Without Fear or Favor >>>

»HEADLINES

»NATION

Guangdong exec urges wider access to RP trade

By Ayen Infante

10/23/2009

The People’s Republic of China wants its business ties with the Philippines expanded through trade liberalization of agricultural products and increase in imports of local mineral resources.

These were the two important points raised by Gov. Huang Huahua of Guangdong Province during an economic and investment briefing yesterday.

Huang headed a trade and investment team visiting the country this week. With him are businessmen engaged in the areas of information technology,mechanical equipment, petrochemicals, automobile, pharmaceutical, paper-making, textile and garments, food and beverage and construction.

The Chinese official emphasized five points which he would want the government to seriously consider to strengthern economic relations.

Apart from trade liberalization in agricultural products where he suggested the development of new products, technologies, development of bio-energy, exploration of agricultural resources, and human resources training, Governor Huang also made recommendations on tourism cooperation, promoting bilateral trade and the building of coordinating mechanisms between governments and business communities.

In trade, the Chinese official has encouraged the Philippines to increase its export of mechanical and mineral products, textile and garments, equipment, household appliances and construction materials to the Province of Guangdong.

Guangdong Province is one of the most important manufacturing bases in China and was one of the important destinations of President Arroyo during her past visits in China.

In 2008, the foreign trade volume between the Philippines and Guangdong amounted to $8.48 billion or about 29.7 percent of the total trade volume between the Philippines and whole of China.

From January to September this year, volume of trade between Guangdong and the Philippine were valued at $4.29 billion.

In investments, the value from January to August 2009 amounted to $110 million or equivalent to 90 projects coming from the Philippines.

Investments from Guangdong to the Philippines reached merely $2.07 million coming from 6 companies.