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Thursday, June 16, 2005
China export group, CCCI sign agreement
Cebu’s business community has signed a sisterhood agreement with the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) of the People’s Republic of China.
Cebu Chamber of Commerce and Industry (CCCI) president Robert Go said this will stimulate the flow of investments from China to Cebu and boost business partnerships.
Go and CCCME vice president Yao Wenping signed the agreement during a business discussion at the SM City Cebu trade hall last Tuesday.
The chambers agreed to exchange, on a regular basis, trade and economic
information and help each other understand the market for machinery and electronics, as well as policies on trade and investment.
The two groups will also exchange trade delegations, arrange visits and market research, provide partnership opportunities with their respective members, and organize economic and trade seminars, among others.
CCCME is a corporate organization composed of economic entities that have the right to conduct foreign trade and foreign investment.
Philippine Ambassador to China Teofisto Guingona earlier promised to
help link businessmen in Cebu with businessmen in China so they can collaborate on investments, such as the construction of resorts and retirement villages, that will benefit Cebu and the Philippines.
In 2004, trade between the Philippines and China grew 41.8 percent to
$13.33 billion, with the Philippines posting a trade surplus of $4.79 billion, according to the Philippine Embassy in Beijing, China.
A trade surplus means that the Philippines’ exports to China are greater than its imports of Chinese goods.
Finance Secretary Cesar Purisima has said that trade with China will likely rise to $30 billion by 2010.
From 1996 to the first quarter of this year, approved foreign direct investments (FDI) in the Philippines reached P1.07 trillion, according to the National Statistical and Coordination Board.
Japan and the United States were the top sources of FDI during the same period. Other leading investors were the Republic of Nauru, France, Hong Kong, and the United Kingdom.JBN/CTL
(June 16, 2005 issue)
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