PCCI to promote trade linkage with Mongolia

MANILA, Philippines - The Philippine Chamber of Commerce and Industry (PCCI) has entered into a memorandum of understanding (MoU) with the Mongolian National Chamber of Commerce and Industry (MNCCI) to work together to promote trade and explore business opportunities.

In a statement yesterday, the PCCI said the move was in line with the aim “to expand trade with emerging markets.”

The MoU was signed by Oscar De Venecia, PCCI vice chair for international and trade affairs, with Sambuu Demberel, chairman and chief executive officer of the MNCCI and a newly elected member of the Mongolian Parliament.

Under the agreement, the two parties will explore possible areas for cooperation to promote trade between the Philippines and Mongolia.

The two parties will work together to conduct activities on exchange of information and strengthening of business contacts.

The parties likewise will work to put up a Philippine-Mongolian Business Council based in the Philippines, and a Mongolia-Philippine Business Council in Mongolia that will outline concrete measures coming from the cooperation agreement. 

Meanwhile, the PCCI said it recently sent a delegation to Taipei, Taiwan through the Philippines-Chinese Business Council (PCBC) to explore business opportunities.

The delegation which was composed of 19 businessmen represented the following sectors: textiles, pharmaceuticals, cosmetics and beauty products, agricultural products and real estate.

The PCBC is a bilateral business council under the PCCI which was set up to expand trade and investments between Philippine and Taiwanese businesses.

The PCCI said that based on the individual business meetings held, potential business opportunities were identified in the areas of cosmetics, fabrics or textiles and medical tourism.

The PCCI said that in the general meeting, discussions were also made on the proposed economic cooperation between Taiwan and the Philippines.

Earlier, Francis Kuo-Hsin Liang, vice minister of Taiwan’s Ministry of Economic Affairs, said Taiwan is considering conducting feasibility studies for a free trade agreement with the Philippines as such an agreement would help attract Taiwanese investments to the country.