The Cebu Chamber of Commerce and Industry (CCCI) has partnered with the Cebu provincial and city governments in hosting a business forum to be attended by 34 high-profile Chinese businessmen today at the Radisson Blu Hotel.
CCCI president Lito Maderazo said yesterday the Business Forum and Business Matching session between local businessmen and Chinese businessmen mostly from Beijing is in line with the chamber’s aggressive push to promote Cebu to international investors in the region like China.
Maderazo said that the delegation would be headed by the China Council for the Promotion of International Trade (CCPIT).
The group is made up of businessmen engaged in water or hydro conservation and processing; sanitary wares; building administration and construction; agriculture and related industries; trading and investments; plastics manufacturing and packaging; vehicles and automobiles; and consulting services.
presentations, business matching
“There will be presentations from both the local businessmen and foreign counterparts during the event. So we have encouraged and invited our local businessmen especially those who are keen on exploring business opportunities with the delegates to attend the event tomorrow (today). This is in line with CCCI’s advocacy on trade promotion and economic development,”Maderazo said.
In today’s forum, the Cebu Investments and Promotions Center will give a presentation for Cebu in the morning and business matching session in the afternoon.
Maderazo said many local businessmen, mostly coming from Chinese-Filipino organizations in Cebu, committed to attend the forum.
“There were supposedly 50 Chinese businessmen who came to the country and they had a similar engagement with Manila businessmen through the Philippine Chamber of Commerce and Industry (PCCI). And out of that number, 34 decided to come to Cebu,” said Maderazo.
The visit of the businessmen to Cebu would be a good indication that they would be looking at many other investment destination options in the country including Cebu, Maderazo said.
“They are now seeing the country as an attractive investment destination but the strategy should be to be visible and aggressively promote Cebu as an investment hub in the region. That is what we are doing now, together with the local government units,” said Maderazo.
Investments and Trade Relationship
In 2008, China was the Philippines’ third largest trading partner, accounting for a total of $9.715 billion or 9.2 percent of the total trade of $105.670 billion that year according to the data in the website of the Philippines Consulate General Shanghai.
China and Philippines trade further improved and amounted to $27.7 billion in 2010 and for 2011, total trade rose to $32.2 billion maintaining its rank as the third largest trading partner of the country.
As of 2006, the total approved Chinese investments in the Philippines up to September that year reached US$370 million or 2.59 billion yuan which is a huge jump from only US$3.8 million (26.6 million yuan) in 2005.