Business groups ink agreement to promote PH, Germany trade

The Philippine Chamber of Commerce and Industry on Tuesday formalized its partnership with the German-Philippine Chamber of Commerce and Industry, as part of efforts to boost bilateral trade, investments and cooperation between the two business groups.

A memorandum of agreement was signed on Tuesday, signifying the commitment by both business groups to undertake various initiatives and programs geared toward achieving their shared goal.

Under the MOA, both PCCI and GPCCI committed to “take all the opportunities within their competence to promote, strengthen and expand trade, economic, scientific, technological cooperation and other business relations between concerned organizations and firms of both parties.”

Both groups are also expected to exchange information about commerce, industry and economy in general, as well as assist their respective members in “establishing and strengthening business contacts through the organization of events such as conferences, seminars, study tours, exchange of trade groups and participation in trade fairs, with the objective of promoting the growth of trade between Filipino and German businessmen.”

The two parties are also expected to closely cooperate in the field of Technical Vocational Education and Training (TVET).

GPCCI will contribute its experience on dual education in Germany while the PCCI will support the activity by providing information and support though its member-companies.

PCCI president Alfredo M. Yao pointed out that one of the more crucial components of the agreement was the collaboration on training and education.

“The PCCI believes that growth and development strategies should be strongly based on human resources development. In order to keep up with technological change in global value chains, businesses need to invest across the entire system that builds workforce skills,” Yao explained in his speech on Tuesday.

“The Philippines is confronted with a crisis in youth employment and Technical Vocational Education and Training (TVET) is a key to train our youth and prepare them to be productive for the world of work,” he added.