HONG KONG – The Department of Trade and Industry of the Philippines (DTI) through its attached agency, the Center for International Trade Expositions and Missions (CITEM) signed a Memorandum of Understanding (MoU) with its counterpart in Hong Kong, the Hong Kong Trade Development Council (HKTDC) to strengthen economic partnership between the Philippines and Hong Kong and increase bilateral trade activities for local companies in the two places.

The DTI through the Philippine Trade and Investment Center in Hong Kong (PTIC-HK) advocated for this MoU for almost three years to ensure that it would be mutually beneficial to all three parties involved.

The MoU was signed by Ms. Maria Lourdes D. Mediran, the Deputy Executive Director (DED) of the CITEM, and Ms. Sophia Chong, the DED of the HKTDC.

Under the MoU, the Philippines and Hong Kong will pursue further cooperation in various areas of mutual interest, including providing each other with information related to trade promotion activities, encouraging businesses from both the Philippines and Hong Kong to join events organized by the CITEM and HKTDC, and facilitation measures for Filipino companies, etc.

The Philippines and Hong Kong maintain close economic ties. In 2023, Hong Kong was the Philippines’ 6th largest trading partner, with total merchandise trade amounting to about US$10.85 billion. In 2023, the Philippines export of merchandise to Hong Kong totaled US$8.84 billion, while the Philippines imported US$2.01 billion worth of merchandise from Hong Kong.

For more information regarding the MoU between the CITEM and HKTDC, interested parties may contact the PTIC-HK at hongkong@dti.gov.ph, or follow the official Facebook page of the PTIC-HK at DTI Hong Kong. ♦

Date of Release: 06 May 2024