The Philippine Investment Promotions Plan Steering Committee (PIPP-SC) and the China-Asean Business Council (CABC) recently signed a memorandum of understanding (MOU) to improve investment promotion cooperation.
PIPP-SC Chairman Arnel Paciano Casanova, also the president and chief executive of the Bases Conversion and Development Authority (BCDA), said that the PIPP-SC and the CABC agreed to undertake steps to create a transparent, liberal and facilitative investment regime, and to deepen bilateral economic development between the Philippines and China.
“The signing of the MOU is based on the principle of equality, mutual benefit and win-win cooperation for both countries,” he said.
The MOU was signed by Casanova and CABC Executive Secretary-General Xu Ning Ning.
Casanova said that the MOU reaffirms the existing strong investment promotion cooperation between the Philippines and China, as stipulated in the Asean-China Framework Agreement on Comprehensive Economic Cooperation.
According to Casanova the PIPP-SC and the CABC have agreed to position the Philippines in global supply chains, by engaging CABC member-associations in the areas of manufacturing, agro-industrial business and tourism infrastructure development.
The CABC is one of the five main cooperation and dialogue organizations between China and the Association of Southeast Asian Nations.
CABC consists of China Council for the Promotion of International Trade, Asean Chambers of Commerce and Industry, the national business leaders, and well-known enterprisers and experts members of Asean.
Casanova said that PIPP-SC and CABC have also agreed to develop industrial linkages as a necessary step in investment promotion cooperation through special economic zones, as part of a long-term process of strategic engagement between the host governments.
He said that mutual investments shall be promoted through facilitating exchanges and mutual understanding among investment promotion agencies and CABC-member industry associations.
Casanova added that “inbound and outbound missions among the PIPP-SC and CABC will also be promoted to further strengthen appreciation of actual business and industry conditions to enable speedy facilitation of potential investment agreements.”
He said that the MOU also calls for the PIPP-SC and the CABC to facilitate the establishment of effective platforms for cooperation, and expand channels of exchanges to enable, support and complement the offshore strategies of Chinese enterprises to the Philippines.
“We shall achieve this by facilitating the participation of institutions of higher education, research and development institutions, and science and technology companies in the form of technical working groups in investment facilitation events, forums and exhibitions and conduct joint research and development efforts,” Casanova said.
He added that the PIPP-SC and the CABC will facilitate the elimination of obstacles which may affect the deepening of bilateral investment cooperation, through industrial linkages by identifying the barriers and finding out ways of managing or overcoming such barriers.