DTI organizes trade, investment mission to China

Trade Secretary Ramon Lopez plans to bring to China a delegation composed of some 100 representatives from local companies as the Philippines seeks to further strengthen its bilateral ties with the economic giant.

The business mission will form part of the delegation that will accompany President Duterte to his planned state visit to China this month, Lopez said on the sidelines of the European Union-Philippines Business Summit on Tuesday.

According to Lopez, there are plans to forge agreements between the Philippines and China to further enhance joint cooperation on trade (JCTs), while private firms are expected to sign business deals with their respective partners and counterparts.

At least three groups, one of which is involved in the food sector, already made known to Lopez their plans to expand to China.

“We will also push for economic cooperation and the promotion of trade and investments,” Lopez said.

Lopez also noted that China, given its huge market, offers huge investment opportunities that the local federation of companies is eager to tap.

Local businessmen have been wanting to strengthen the country’s economic ties with China by expanding trade.

Last month, Francis Chua, chair emeritus of the Philippine Chamber of Commerce and Industry (PCCI), disclosed that Chinese investors and tourists had started to warm up to the Philippines, on the back of President Duterte’s repeated calls to make peace with China.

He noted this growing interest, as he disclosed the arrival last month of a cruise ship, with some 2,000 Chinese, both tourists and investors.

The PCCI official earlier said the previous administration’s position was to not have anything to do with China.

But under the new administration, he said, both countries are warming up to each other.