MANILA – A Chinese delegation composed of 70 business executives has visited the country to explore investment opportunities here, the Board of Investments (BOI) said Friday.
In a statement, the BOI said it received the 70-man business delegation of the Chinese Enterprises Philippine Association (CEPA) led by its president and Bank of China (BOC) country head for the Philippines Hu Xinquan last June 15 in Makati City.
The 70 Chinese executives are looking into opportunities in the Philippines, especially in the sectors of engineering and construction, finance, trade, telecom, energy, agriculture, and manufacturing industries.
BOI said the business mission here of the Chinese delegation is part of the cooperation under a Memorandum of Understanding (MOU) on Investment Promotion signed by BOI and BOC last Jan. 4 during the visit of President Ferdinand R. Marcos Jr. in Beijing.
“After the State Visit in China, more Chinese enterprises are even more eager to accelerate their business in the Philippines. BOI, DTI (Department of Trade and Industry), and the Bank of China will be able to help CEPA members to grow their investments in the Philippines,” Hu said.
DTI Undersecretary and BOI Managing Head Ceferino Rodolfo urged Chinese investors to look into investing in the country’s mineral processing value chain.
“We are not blessed with fossil fuel but we have an abundance of green metals. We are currently the number one exporter of nickel direct shipping ore in the world, with 22 producing nickel mines in 2021. This opens up opportunities for mineral processing and battery manufacturing, in support of the electronic vehicle global supply chain,” Rodolfo said.
With the Regional Comprehensive Economic Partnership (RCEP) being implemented in the two countries, BOI said the free trade agreement is expected to boost the trade and investment relations between the Philippines and China. (PNA)
