The Philippines and Russia optimistic on mutual economic growth opportunities

DTI Photo

MAKATI — Department of Trade and Industry (DTI) Secretary Ramon Lopez revealed that Russian businesses are keen on expanding their operations to the Philippines.

During a meeting with Russian Deputy Minister of Industry and Trade Aleksey Gruzdev and delegation of Russian business executives last September 25, 2019, Sec. Lopez discussed the priority industries in the Philippines that Russia can participate in—highlighting the pharmaceutical, medical, as well as the vehicle manufacturing as sectors that both countries can collaborate on.

The Philippines, under the leadership of President Rodrigo Duterte welcomes the interest of Russia to pursue economic cooperation engagements with the government and our business sector. We are optimistic that this good bilateral relationship between the two countries would drive investments, trade, and jobs,” said Sec. Lopez.

According to the trade chief, Russian businesses are exploring opportunities on various industries including airport infrastructure, aviation, shipbuilding, railways, satellite navigation system, waste water management, and power.

Deputy Minister Gruzdev expressed confidence with both countries’ strengthened business relationship and economic partnership. He likewise reiterated Russia’s openness for trade cooperation.

The meeting was held prior to President Duterte’s visit to Moscow this week, where DTI will bring over 150 business delegation to link with possible Russian counterparts. Various business agreements will also be signed during the visit. These include the sale of Philippine canned fish and coconut products, as well as distributorship of lifestyle products and healthcare systems.

Also present during the meeting were DTI Assistant Secretary Angelo Taningco, Foreign Trade Service Corps Executive Director Magnolia Uy, Board of Investments Executive Director Ma. Corazon Dichosa, Russian Ambassador Igor Khovaev, and Ministry of Industry and Trade Deputy Director for Asia, Africa, and Latin America Aleksey Meshkov.

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