The Philippines has pushed for the expansion of trade relations with the Russian Far East during the recent 3rd Eastern Economic Forum held in Vladivostok, Russia, the Philippine Economic Zone Authority said over the weekend.
Peza deputy director general Theo Panga said the capital city of Vladisvostok would play a key role in generating investments to the Philippines because of its status as the emerging scientific and educational center in the Far East.
Vladivostok has the largest Russian port facing the Pacific ocean and is the main starting terminal for the Trans-Siberian portion of the Eurasian Land Bridge or the New Silk road.
“In keeping with President Duterte’s independent foreign policy, Peza has aggressively reached out to the Arab sheiks from the Gulf Cooperation Council states and Chinese tycoons from the mainland as potential sources of new foreign direct investments for the country,” he said.
Peza, to further diversify the country’s foreign direct investments mix, is exploring opportunities with Russian businessmen, especially from the Russian Far East, in tapping trade from non-traditional markets and new trading partners.
The Philippines has huge potentials in benefiting from the new trade routes, with Port Irene in Sta. Ana, Cagayan inside the Cagayan Economic Zone Authority (CEZA) as the nearest seaport to Vladivostok.
“Our ecozones can also complement the Vladivostok free ports by hosting the Russian resident companies to set up manufacturing and logistics hub in the Philippines to enable them to penetrate our growing local economy and the much bigger Asean market,” Panga said.
Other promising opportunities with the Russian Far East are liquefied natural gas production, industrial machinery, agriculture, food and fish processing, timber processing, steel production, mineral processing and transport.
Peza wants Vladivostok to import vehicles, especially Japanese cars from the Philippines through the Comprehensive Automotive Resurgence Strategy program.
“As a result of our participation in the EEF, we have surely expanded our international cooperation and unlocked bigger opportunities with our Russian comrades,” Panga said.
The Russian Far East aims to establish a new economic cooperation with its neighboring countries in South Korea, Japan, China and Asean in its bid to strengthen Russia’s role in the Asia-Pacific region.
