Philippines seeks deeper economic ties with 3 eastern Europe countries

MANILA, Philippines — The Philippines seeks to deepen its economic ties with Turkey, Hungary and Czech Republic by holding separate inaugural Joint Economic Commission (JEC) meetings this year.

Trade Undersecretary Ceferiono Rodolfo said an inaugural JEC meeting with Turkey is targeted by the first week of February, while those with Hungary and Czech Republic are also being scheduled to take place within the year.

A JEC serves as a platform for regular exchanges within two nations, including the private sector, to discuss trade, investments, economic cooperation and other related matters.

A  foundation agreement of Turkey-Philippines Business Council was signed in 2011 in Istanbul and a JEC has been accepted through an economic and technical cooperation agreement. The first meeting of the JEC, however, has been postponed and has yet to take place.

Meanwhile, separate economic cooperation agreements were signed by the Philippines with Hungary and Czech Republic last year, paving the way for the creation of the JECs.

Hungary re-opened its embassy in Taguig in March last year.

On trade, the  Department of Trade and Industry (DTI) said the Philippines is determined to promote products such as electronics, auto parts, processed food, costume jewelry/giftware and personal care products to Hungary.

Sectors eyed for investment promotion in Hungary include manufacturing, aerospace, processed and specialty food, IT-BPM, energy efficiency technologies, retail and training center.

Meanwhile, the DTI is looking to increase exports of mid-priced apparel, frozen marine products, dried fruits and vegetables to Czech Republic to meet the growing demand for these products.

IT-BPM, knowledge process outsourcing, energy and aerospace are among the sectors eyed for investment promotion with Czech Republic.