DTI Chief Pascual emphasizes strong economic partnership between PH and China

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MANILA CITY– On 25 September 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual highlighted the strong economic partnership between the Philippines and China, particularly in the Fujian province during the China (Fujian)-Philippines Joint Demonstration Zone for Economic Innovative Development & Economic and Trade Cooperation Promotion Conference held at Conrad Hotel. The DTI Chief recognized that through trade cooperation projects, both nations are poised for stronger economic trade relations.

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Secretary Pascual said, “China’s prominence in the Philippine economic narrative is undeniable. Standing as our most significant trade ally among 231 nations, in 2022 alone, China was our primary source of imports and our third-highest export destination. Our President Ferdinand Marcos Jr., in his momentous visit to China earlier this year, unlocked transformative collaborations worth nearly USD 23 billion or RMB 168 billion across diverse sectors. These agreements mark a new chapter and signify our deepening economic relationship.”

The Fujian Provincial Government and the Chinese Embassy in the Philippines organized the event to strengthen economic ties between the country and the province of Fujian. The conference provided an avenue for Fujian and Philippine enterprises to explore networking opportunities and forge collaborations that will benefit both sides.

The trade and industry chief also welcomed the promotion of the Philippines-China (Fujian) Industrial Park, particularly the Yatai Industrial Park in the Philippines, which will provide platforms for businesses from both sides to thrive and innovate. Through this initiative, it will advance the economic landscape of both countries generating investments, technological advancements, and high-quality and better-paying jobs for all.

Further, Secretary Pascual also commended the signing ceremony for the Fujian-Philippines Economic and Trade Cooperation Projects which will mark a significant step forward in economic collaboration. He emphasized that this collective effort reflected both countries’ desire to improve their economic and trade relations.

In addition, the DTI Chief highlighted the enabling and conducive business environment in the Philippines. He cited the government’s game-changing economic policies and initiatives coupled with the country’s strategic geographical location, abundant natural resources, and the young, skilled and tech-savvy workforce.

The DTI Chief encouraged Philippine and Chinese businesses to increase their trade and investment activities and stressed, “Together, let us build bridges—not of steel or stone, but of mutual trust, shared goals, and vibrant economies. Let us embark on a journey filled with promise that will lead to increased trade and investment, shared prosperity, and a brighter future for our people.” END.

For further information on the release, please get in touch with:

DTI-Office of the Secretary

5F Industry & Investments Building, 385 Sen. Gil J. Puyat Ave., Makati City

Telephones: (+632) 7791.3406

Contact Person: Ms. Jayzza D.C Carreon

Email Address: PRU@dti.gov.ph / JayzzaCarreon@dti.gov.ph

Website: www.dti.gov.ph

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