Trade group applauds Russia pivot

President Duterte’s plan to expand trade relations with the Russian Federation is seen to open up fresh opportunities for crucial sectors of the economy.

The Philippine-Russian Business Assembly (PRBA) Inc., a business council composed of Filipino and Russian businessmen and academicians, sees the following sectors getting the boost if Mr. Duterte’s plans push through: tourism and wellness; mining and energy; education and culture; labor, placement services and outsourcing; and real estate.

PRBA seeks to assist businessmen in tapping the “mutually advantageous” bilateral economic relations between the Philippines and Russia.

Russian Federation Honorary Consul Armi Lopez Garcia, who also chairs the PRBA, said: “We, in the PRBA, are fully supporting this initiative of President Duterte. The president’s declaration bolsters our very own initiative, which is for the furtherance of our business ties with Russia.”

PRBA was created in 2009 to help stem the deteriorating trade link between the two nations.

Russia, a country of 143.3 million people with a per capita gross domestic product (GDP) of $9,242, slipped into a recession last year. The World Bank said commodity prices would continue to dominate Russia’s medium-term outlook. GDP growth is projected to return to a positive 1.1 percent in 2017.