Noli welcomes RP-China $500-M investment accord

Vice President Noli De Castro welcomed the other day an estimated $500-million investment agreement signed recently between a Guangxi business group and Philippine business groups.

Among the projects signed include ore marketing, grain and oil processing, dock construction, knitting craft, cooperation and trade, EXP trade contract and chromite development engineering.

At least six companies from Guangxi entered into a contract with Philippine business firms, he added.

Speaking before the Chinese and Filipino-Chinese businessmen at the Guangxi-Philippine Trade and Economic Cooperation and Promotion Conference at the Manila Hotel, De Castro said the event is a strong signal that  the Philippines and Guangxi are truly determined to promote economic cooperation and development for the benefit of both the Chinese and Filipino people.

He said that the government views its relations with China as among its most important ties with the international community.

“Trade and economic cooperation has emerged as the driving force of Philippine-China relations,” De Castro said.

Citing data from the National Statistic Office (NSO), De Castro said bilateral trade between the two countries has been growing at an average annual rate of more than 41 percent since 2001.

“On the other hand, total approved Chinese investments in the country amounted to $381.5 million in 2006, accounting for 14.4 percent of the total investments in the country on the same period based on the records of the Philippine Board of Investments,” he added.