RP, CHINA STEP UP TRADE RELATIONS
MANILA, APRIL 4, 2006 (STAR) By Marianne V. Go - Trade between the Philippines and China is expected to expand further with the country’s decision to send two more trade attaches to China.
At present, there are already three trade attaches in Beijing, Shanghai and Guangzhou province.
Trade and Industry Secretary Peter B. Favila said the two new trade attaches, Favila said, would be assigned to Guang Xi and to a still to be determined province.
Guang Xi Governor Lu Bing recently visited the country and paid a courtesy call on President Arroyo and Favila to discuss trade and investment exchanges between the two nations.
The Philippines, likewise, Favila said, has invited 500 top Chinese businessmen to visit the Philippines in June this year.
Several Chinese business delegations have also met with Favila regarding their varied investment interest in the Philippines.
One specific area of interest is in the garments and textile sector.
Last year, a big Chinese business delegation had also visited the country.
The Chinese businessmen expressed keen interest in investing and doing business with the Philippines, noting the Philippines’ abundant natural resources and skilled workforce.
Chinese Politburo member Zhang Dejiang headed a 600-member delegation from Guangdong Province which visited the country last November to explore various business and investment opportunities.
A total of $142.13 million worth of contracts were signed between 26 Chinese and Filipino firms during the business seminar that promoted business match ups between Chinese and Filipino firms.
The $142 million worth of contracts signed last November is only a miniscule part of the $13 billion worth of trade between China and the Philippines.
The visit of the 600 member Guangdong delegation is an indication of China’s interest in doing business with the Philippines.
The 13 contracts signed between the 26 Chinese and Filipino firms include the following: a $29.7-million joint venture agreement between Guangdong Gin Lun Ho Energy Inc. and Linetone International Mining Co., Cocony Investors (SPV. AML) Inc., and JCET Resource Mining Corp. for quarrying and mining; a $20-million trading contract between Guangdong Guanshin Knitting Trade Corp. and Luen Thai (Philippines) Holdings Ltd. for knitting materials and shoes; a $20-million parts supply contract between Huawei Technologies Phils. Inc and Digitel;
A $20-million contract to import coconut oil and fragrance material from the Philippines by Chu Hai Dei Guang Electronics Corp.; a $12-million trading contract between Shantou Guanhua Import and Export Co. Ltd. and We Sound Enterprise for various musical instruments; a $12-million trading contract between Guangzhou Tanke Industry Co., Ltd. and United Pharmachem Agrivet, Inc. for feed additives; an $8.2-million trading contract between Ching Yuan Dai Chung Plasticware Corp. and Streamline Blinds Corp. for venetian blinds;
A $5-million trading contract between Midea Airconditioning and Refrigeration Group and Express Solution Marketing Corp. for air conditioning and cooling systems; a $5-million joint venture agreement between Chu Har City Knitting Products Import Corp. and Anche Travel Agency to produce fashion products; a $4.82-million trading contract between Chau Choi City Hua Hong Group Corp. and Pelredec Ltd. Bermuda for the importation of 11,500 metric tons of petroleum products;
A $2.7-million additional investment by TCL Overseas Holdings Ltd. in its joint venture agreement with AA Commercial, increasing TCL-SUN’s capitalization from 50 percent to 80 percent; a $1.6-million trading contract between Huechon Hwa Yang General Electronics Corp. and AVT for double din CD/MP4 assembly plant; and a $1.118- million trading contract between Guangzhou Motorcycle Group Corp. and Yamaguchi International Corp. for motorcycles.
Chief News Editor: Sol Jose Vanzi
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