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Philippines beckons Chinese investors
By Wang Yanlin |
April 14, 2011, Thursday
|
Online Edition
Online Edition
THE Philippines welcomes Chinese construction companies to invest in its infrastructure, Secretary of Trade and Industry Gregory L Domingo said today in Shanghai.
Domingo is leading a business delegation to visit Beijing and Shanghai. Its members include the country's senior officials responsible for the construction of roads, airports, harbors and telecommunications facilities.
While in Beijing, Domingo talked with Chinese Vice Premier Wang Qishan and some Chinese ministers over economic and business cooperation between the two countries.
"China's growth model set an example for us," Domingo said.
Talking about how to protect foreign investors' interest, Domingo said he can't guarantee investors of financial returns, but his ministry "will do our best to create a fair and equitable business environment for foreign investors."
Domingo also expected more Chinese outbound investment will be channeled into the Philippines.
Of China's US$59 billion outbound foreign direct investment in 2010, only US$100 million flew to the Philippines, Domingo said. He deemed it was too small compared with the Philippines' economic performance and its population.
The Philippines' gross domestic product expanded 7.3 percent last year, a 34-year high after a growth of 1.1 percent in 2009.
Domingo is leading a business delegation to visit Beijing and Shanghai. Its members include the country's senior officials responsible for the construction of roads, airports, harbors and telecommunications facilities.
While in Beijing, Domingo talked with Chinese Vice Premier Wang Qishan and some Chinese ministers over economic and business cooperation between the two countries.
"China's growth model set an example for us," Domingo said.
Talking about how to protect foreign investors' interest, Domingo said he can't guarantee investors of financial returns, but his ministry "will do our best to create a fair and equitable business environment for foreign investors."
Domingo also expected more Chinese outbound investment will be channeled into the Philippines.
Of China's US$59 billion outbound foreign direct investment in 2010, only US$100 million flew to the Philippines, Domingo said. He deemed it was too small compared with the Philippines' economic performance and its population.
The Philippines' gross domestic product expanded 7.3 percent last year, a 34-year high after a growth of 1.1 percent in 2009.
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