Russian bizmen eye investments in Cebu

Cebu can expect millions of dollars in investments, and improved market access to Russia, following the agreement sealed by the Cebu Chamber of Commerce and Industry (CCCI), and Eastern Dimension International Public Movement (EDIPM) of Russian Federation.

A total of 52 Russians, who are members of the Russian business and government sectors, are in Cebu for a five-day trade exploration mission in the province.

The team also expressed the Russians' intention to invest in the Philippines, especially in Cebu, as there are growing number of Russians who are willing to participate in large investment projects in the Philippines, said Sukharev Vladimir Ivanovich, vice president of the Eastern Dimension, and assistant to the deputy chairman of the Federation Council of the Federal Assembly of the Russian Federation.

This is the first large-scale trade mission initiated by Russia to the Philippines, focusing on Cebu.

CCCI and EDIPM have agreed to continue the development of bilateral economic relations by providing a forum for businessmen of the Russian Federation and of the Cities and Province of Cebu to meet, discuss and explore business opportunities in trade, investments, technology-transfer, services, and other industrial sectors.

CCCI president Francis O. Monera said the "timing is right" as Cebu's tourism, and furniture sectors are now targeting Russia and one of the top markets in these sectors.

Furniture exporter and president of PhilExport Cebu, Jay Yuvallos has been tasked to head the CCCI-Cebu-Russia Business Council.

Although, the 150 million markets in Russia is heavily importing food products from the Philippines, Ivanovich said huge potential for increased market attraction for furniture products made in Philippines is expected, as well as upsurge of Russian tourists, especially in Cebu.

Ivanovich said the trade mission group is more of exploratory in nature as Russian businessmen have yet to see the potential sectors for investments in Cebu.

In the Memorandum of Agreement (MOU) signed by both parties, they agreed to initiate and develop bilateral actions of cooperation within the principle of mutual assistance and support.

Support such as establish a sustainable mechanism of dialogue and forums of discussions; provide their members with information on the general economic situation, taxation, investment opportunities, trade policies and legislative changes; and promote establishment of legal and administrative conditions favorable to the creation of a business climate enhancing trade and economic relations between the Russian Federation and the Cities and Province of Cebu.

It will also endeavor to encourage businessmen of the Russian Federation and the Cities and Province of Cebu to participate in exhibitions and fairs held in Cebu, and in Russia; and to develop tools of cooperation between EDIPM and the CCCI, which would allow an effective role of both parties in the implementation of Russia-Cebu trade and cooperation agreements.

The industries that are doing well in Russia are transportation, minerals, and oil/petroleum production.

EDIPM is a non-governmental organization in Russia, with activities directed to the expansion of Russia-ASEAN dialogue on overall collaboration. The movement unites Russian and foreign representatives of economic, financial, scientific and technical societies.

The organization is initiated by the Federation of Council of the Federal Assembly of the Russian Federation.

The CCCI was also joined by different industry organizations such as Cebu Furniture Industries Foundation Inc. (CFIF), Fashion Accessories Manufacturers and Exporters (FAME), and Gifts, Toys and Housewares (GTH).