VP NOLI WELCOMES $.5-B GUANGXI INVESTMENT AGREEMENT BETWEEN GUANGXI AND LOCAL BUSINESS GROUP
April 16, 2008

VICE President Noli “Kabayan” De Castro welcomed an estimated $500 million investment agreement signed between Guangxi business group and their local counterparts.

Among the projects signed include ore marketing, grain and oil processing, dock construction, knitting craft cooperation and trade, EXP trade contract and chromite development engineering.

The Vice President said estimated worth of the projects was pegged at $436 million. At least six business corporations from Guangxi entered into contract with Philippine business firms, he added.

Before the signing, De Castro spoke recently (April 14) before Chinese and Filipino-Chinese businessmen at the Guangxi-Philippine Trade and Economic Cooperation and Promotion Conference at the Manila Hotel.

De Castro said the event is a strong signal that the Philippines and Guangxi are truly determined to promote economic cooperation and development for the benefit of both the Chinese and Filipino people.

He admitted that the governments view its relations with China as among its most important ties with the international community.

"Trade and economic cooperation has emerged as the driving force of Philippine-China relations," he said.

Citing data from the National Statistic Office (NSO), De Castro said bilateral trade between the two countries has been growing at an average annual rate of more than 41 percent since 2001.

“On the other hand, total approved Chinese investments in the country amounted to $381.5 million in 2006, accounting for 14.4 percent of the total investments in the country on the same period based on the records of the Philippine Board of Investments,” he said.

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