Russian companies have expressed interest in participating in the local business sector through investments or participation in JV projects particularly in the areas of transport infrastructure/construction, aerospace, iron & steel, automotive, power generation equipment, minerals processing, and agriculture as a delegation from the world’s largest nation composed of government and private officials recently visited the country for a roundtable discussion with their Philippine counterparts.
In photo: Undersecretary Rodolfo Deputy Minister Gruzdev with the rest of the participants in the Philippines-Russia Roundtable Meeting.
and assist you, starting from your due diligence visits until your business is operational”, said Trade Undersecretary Barba during his welcome remarks at the roundtable meeting.
Undersecretary Barba said the Philippines and Russia have already started boosting and revitalizing its economic journey. “The visit of our President Rodrigo Roa Duterte in May 2017 resulted to an increase in number of incoming Russian business delegations to the Philippines and visits of government officials to Russia,” he said.
Undersecretary Rodolfo meanwhile presented the country’s trade and investment opportunities for strategic partnerships with Russia, particularly in manufacturing including aerospace, iron and steel, and automotive, construction services, natural gas and mineral mining and processing sectors. “We would like to encourage you to consider the investment side and benefits in making the Philippines as your production hub and gateway to the ASEAN and Asia markets, and to complement your existing foothold in Europe,” he said.
In support of Undersecretary Rodolfo’s presentation, Executive Director Dichosa also highlighted the general opportunities for manufacturing, and the sectoral propositions for automotive, iron and steel and aerospace industry.
An open forum and business matching activity followed where the private sector participants were grouped according to their sectors of interest and initiated possible business partnerships and collaboration with Philippine company representatives and counterparts.
Data from the DTI-Bureau of Trade and Industrial Policy Research showed that Russia ranked as the 24th import supplier, 29th trading partner and 37th export market of the Philippines in 2017. There is also a recorded 23.12% increase in PH’s export to Russia from US$49.83 M in 2016 to US$61.35 M in 2017.