PH business community sees strong prospects in Russia

PH business community sees strong prospects in Russia
President Duterte poses with the Philippine business delegation to the trade and investment forum in Moscow. Joining him on stage are (from left) Philippine Ambassador to Russia Carlos D. Sorreta, DTI Secretary Ramon Lopez, Executive Secretary Salvador Medealdea, and Finance Secretary Carlos Dominguez III. (Presidential Photo)


The 400-strong Philippine business delegation that joined President Duterte’s visit to Russia last week sees strong prospects as both nations agreed to strengthen bilateral trade, the Department of Trade and Industry (DTI) said today, October 7.

President Rodrigo Duterte during the Philippines-Russia Business Forum held in Moscow last October 4.

DTI Secretary Ramon Lopez told THEPHILBIZNEWS that business delegates organized by the DTI to join the trip expressed optimism over opportunities to expand and diversify the country’s trade to nontraditional markets like Russia through the Philippine government.

Lopez said those who represented the Philippine business community in the business forum in Russia were 400 delegates from various industries, including food, automobile, healthcare, manufacturing, and power.

Department of Trade and Industry Ramon M. Lopez at Philippines-Russia Business Forum held in Moscow last October 4.

Earlier, Philippine Ambassador to Russia Carlos Sorreta said the Philippines could eye Russia as a significant source of fuel and energy resources.

A highlight of Duterte’s visit was witnessing the signing of a total of 10 business agreements between Russia and the Philippines, amounting to $12.6 million.

“Several members of our business community have concluded 10 business agreements with their Russian partners, ranging from business cooperation, agricultural exports, importation and electric power, with total estimated value of $12.6 million,” Lopez said.

Apart from Lopez, members of Duterte’s Cabinet, including Executive Secretary Salvador Medialdea, Finance Secretary Carlos Dominguez III, and Foreign Affairs Secretary Teodoro Locsin, as well as Senator Bong Go and House Speaker Alan Peter Cayetano lent their support to the business community.

Also attending the business forum were DTI Undersecretary Ireneo Vizmonte, Assistant Secretary Angelo Taningco, Philippine Chamber of Commerce and Industry (PCCI) Director Roberto Castillo, Russia-ASEAN Business Council Chairman Ivan Polyakov, PH-Russia Business Assembly Chairperson Armi Lopez-Garcia, and Russian Economic Development Deputy Minister Alexey Gruzdev with whom Lopez had a meeting a week ahead of Duterte’s visit.

See related stories:

Leave a Reply