Xiamen, China—The Philippine delegation made a strong impression at the China International Fair for Investments and Trade (CIFIT) held from 8 to 11 September 2024 in Xiamen, China. The event strategically showcased the country’s numerous advantages for foreign direct investors in key sectors such as sustainable manufacturing and services.
The Philippine Trade and Investment Centre in Guangzhou (PTIC-GZ), in partnership with various Philippine and Chinese partners, organized a series of company meetings, roundtable sessions, and an interactive Philippine Pavilion. The Pavilion featured the country’s current capabilities to host advance technologies and processes.
Over 70 Philippine-related business delegates participated in matching sessions, booth-related meetings, and company presentations held on the sidelines of the CIFIT.
Leading the Philippine participation to CIFIT 2024 were key officials, including: Department of Trade and Industry (DTI) Undersecretary and Board of Investments (BOI) Managing Head Dr. Ceferino S. Rodolfo, Philippine Ambassador to China H.E. Jaime FlorCruz, Philippine Consul General to Xiamen Maria Antonina Oblena, Philippine Economic Zone Authority (PEZA) Director General Tereso Panga, and Bases Conversion and Development Authority (BCDA) Vice President Mark Torres.
The China Council for the Promotion of International Trade Xiamen (CCPIT Xiamen) also played a vital role in facilitating connections with select Chinese companies during a Philippine roundtable.
“The Philippines is not just eyeing for growth in investments but for the transformation of the country’s investment landscape. We seek to include critical sectors that will shape the Philippines’ capabilities in sustainable and strategic manufacturing and services, such as those that involve green metals and mining, renewable energy, and new energy vehicle and battery manufacturing,” DTI Undersecretary Rodolfo shared in his address at a roundtable meeting organized with the Bank of China (BoC).
Meanwhile, Philippine Ambassador to China Jaime FlorCruz lauded the Philippine delegation’s profile at this year’s CIFIT.
“The high-level participation of the Philippines in a major investment platform in China is testament to healthy Philippine-China business relations, especially as we enter the Golden year of our diplomatic ties,” Ambassador FlorCruz noted.
The delegation also included Aboitiz Infra’s Senior Vice President Lloyd Tiu; First Philippine Industrial Park Head of External Affairs Mr. Ramon Carandang; representatives from key government agencies (DTI-BOI, PEZA, BCDA); Philippine foreign posts in China; PTICs in Beijing, Shanghai and Guangzhou; the Cebu City government; the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc (FFCCCII); and other Philippine business representatives.
This year’s Philippine participation in the annual Xiamen-based event was one of the largest in the event’s history. The Philippines was previously honored as the country of honor during the primarily virtual CIFIT event in 2020 and 2021.
Fujian is a major contributor to China-Philippine trade, with two-way trade valued at USD 9.43 billion based on China Customs’ data. Furthermore, the total trade between the Philippines and Fujian achieved an average five-year growth rate of 7.2%. Fujian’s major imports from the Philippines in 2023 are nickel ores, SSD, Copper ores and alloy, Sodium tungstate, rigid disk drivers, integrated circuits, headphones, etc.
Among China’s 31 mainland provinces, municipalities, and autonomous regions, Fujian ranked second in trade with the Philippines, holding a 13.12% share. Major Philippine invested companies in Fujian include SM City Xiamen/Jinjiang, Liwayway, Allied Commercial Bank, Bench Body, BDO. Meanwhile Chinese investment to the Philippines include Xiamen Golden Dragon Bus Co., Ltd, Xiamen Golden Delta Special Weaving Co., Ltd etc.
As the commercial arm of the DTI, the Philippine Trade and Investment Center offices in Beijing, Shanghai and in Guangzhou cover Xiamen within its jurisdiction. ♦
Date of release: 28 September 2024
