More trade, economic opportunities for Filipino businessmen seen with the formation of a new counterpart business council based in St. Petersburg, Russia.
Cebu, Philippines, November 2011 – Russian Honorary Consul Armi Lopez Garcia, President of the Philippine-Russian Business Assembly Inc. (PRBA) announced another fillip to expanding economic cooperation with the approval on November 9, 2011 by the Chamber of Commerce of a counterpart Russian Federation of the Russian-Philippine Business Council (RPBC).
The RPBC is the 68th business council created under the Russian Chamber of Commerce. The RPBC’s first act was to sign a memorandum of agreement with the Philippine-Russian Business Assembly (PRBA), its counterpart in the Philippines which was established in 2009.
Consul Armi Lopez Garcia welcomed “this historic memorandum of agreement between the RPBC and the PRBA…proof of the commitment of both countries to strengthen economic and cultural ties.” She expects this strategic alliance to translate to more tourists, more trade, and more investments from Russia.
Georgi Petrov, vice president of the Russian Federation’s commercial and trade department, said “The RPBC will assist in the development and strengthening of mutually advantageous bilateral economic relations to businesses giving primary attention to medium-sized businesses.”
Petrov said the formation of the RPBC – which falls on the 35th year of the establishment of diplomatic relations between the two countries – was necessitated to take advantage of the growing trade and economic relations between Russia and the Philippines. Bilateral trade increased more than 80% in 2010, exceeding $713 million. He expects this to pass the $1 billion mark by end of 2011 with more Russian tourists, trade missions and investors coming to the Philippines.
Russian investments in the fields of transport, communications, tourism, food, telecommunications, mining, energy and power, point to more vibrant economic relations in the future.
Russia is an attractive and rich market for Philippine exports. Top Philippine exports to Russia in 2009 were desiccated coconut, carrageenan, lighters, personal care products, and banana chips. The Russian taste for foreign cars (2.5 million) points to new market for spare parts. There is strong demand for canned and fresh seafood products, fresh fruits, home decor, fashion accessories and furniture.