The Department of Trade and Industry (DTI) and China’s Ministry of Commerce signed last week a memorandum of understanding (MOU) that aims to strengthen cooperation between Manila and Beijing in developing industrial parks.
Trade Secretary Ramon Lopez and Chinese Commerce Vice Minister Fu Ziying’s signed the MOU, which would expand opportunities for bilateral trade and economic cooperation, with President Duterte and Chinese Premier Li Kequiang as witnesses.
“The MOU sets the tone in creating a program that will facilitate a seamless investment guide for Chinese investors in Philippine industrial parks,” Lopez said.
According to the DTI chief, the MOU has provisions on undertaking business-matching activities to facilitate possible partnerships and collaboration between Philippine and Chinese enterprises.
“This [agreement]will strengthen economic ties between the two countries by enhancing the Philippines’ manufacturing competence and diversifying China’s investments in the [country],” Lopez said.
Chinese investors have visited possible locations in Luzon and Mindanao for industrial park development as a response to Beijing’s earlier commitments to President Duterte to expand opportunities in the Philippines.
Meanwhile, the Intellectual Property Office (IPO) of the Philippines and the State Intellectual Property on Cooperation of China also signed an MOU to cooperate in protecting, utilizing, managing, and enforcing intellectual property rights. IPO Director General Josephine Santiago and National Development Reform Commission (NDRC) Vice Chairman Zhang Yong signed this agreement.
Also signed were twelve other agreements on cooperation on youth, infrastructure development, climate change, the defense industry, and investment and production, among others.
“The signing of these documents reflects the commitment of the Philippines and China toward mutually beneficial cooperation, as well as the resolve of the administration of President Duterte, to further strengthen [our]friendship with China, our Asian neighbor,” Lopez said.