The Philippine Investment Promotions Plan Steering Committee (PIPP-SC) and the China-ASEAN Business Council (CABC) signed a Memoradum of Understanding (MOU) during the recently held 10th CHINA-ASEAN Expo in Nanning, China to improve investment promotion cooperation.
PIPP-SC Chairman Arnel Paciano D. Casanova who is also the President and CEO of the Bases Conversion and Development Authority (BCDA) said the PIPP-SC and the CABC agreed to undertake steps to create a transparent, liberal and facilitative investment regime and to deepen bilateral economic development between each other.
“The signing of the MOU is based on the principle of equality, mutual benefit and win-win cooperation for both countries,” Casanova said. The MOU was signed by President Casanova and CABC Executive Secretary General Xu Ning Ning.
Casanova said the MOU re-affirms the existing strong investment promotion cooperation between the Republic of the Philippines and the People’s Republic of China stipulated in the ASEAN-China Framework Agreement on Comprehensive Economic Cooperation (ACFACEC).
According to Casanova the PIPP-SC and the CABC have agreed to position the Philippines in global supply chains by engaging CABC member associations in the areas of manufacturing, agro-industrial business and tourism infrastructure development.
The CABC is one of the five main cooperation and dialogue organizations between China and ASEAN. CABC consists of China Council for the Promotion of International Trade (CCPIT), ASEAN Chambers of Commerce and Industry (ACCI), the national business leaders, well-known enterprisers and experts members of ASEAN.
Casanova said PIPP-SC and CABC have also agreed to develop industrial linkages as a necessary step in investment promotion cooperation through special economic zones (SEZs) as part of a long-term process of strategic engagement between the host governments.
He said mutual investments shall be promoted through facilitating exchanges and mutual understanding among investment promotion agencies (IPAs) and CABC-member industry associations.
He added that that “inbound and outbound missions among the PIPP-SC and CABC will also be promoted to further strengthen appreciation of actual business and industry conditions to enable speedy facilitation of potential investment agreements.”
Casanova said the MOU also calls for the PIPP-SC and the CABC to facilitate the establishment of effective platforms for cooperation and expand channels of exchanges to enable, support and complement the offshore strategies of Chinese enterprises to the Philippines.
In addition, the MOU is expected to generate beneficial contacts to promote the interchange of educational experience, information and industrial strategic alliances.
“We shall achieve this by facilitating the participation of institutions of higher education, research and development institutions, and science and technology companies in the form of technical working groups (TWGs) in investment facilitation events, forums and exhibitions and conduct joint research & development efforts,” Casanova said.
He added that both the PIPP-SC and the CABC will facilitate the elimination of obstacles which may affect the deepening of bilateral investment cooperation through industrial linkages by identifying the barriers and finding out ways of managing or overcoming such barriers.
The PIPP-SC is a group composed of heads of member IPAs providing strategic directions in the implementation of the Philippine Investment Promotions Plan that aims to position the Philippines as among the prime investment destination in Asia and the world. It is tasked to formulate and implement common country branding and synchronized strategies in investment promotions for the Republic of the Philippines. It is composed of eighteen member organizations which are as follows: Authority of the Freeport Area of Bataan (AFAB); Aurora Pacific Economic Zone Authority (APECO);Bases Conversion and Development Authority (BCDA); Bataan Technology Park, Inc. (BTPI); Board of Investments (BOI); Clark Development Corporation (CDC);Cagayan Economic Zone Authority (CEZA); John Hay Management Corporation (JHMC);Mindanao Development Authority (MINDA);Philippine Economic Zone Authority (PEZA);Philippine Retirement Authority (PRA); Phividec Industrial Authority (PIA); Poro Point Management Corporation (PPMC); Regional Board of Investments- Autonomous Region for Muslim Mindanao (RBOI-ARMM); Subic Bay Metropolitan Authority (SBMA); Tourism Infrastructure Enterprise Zone Authority (TIEZA); Tourism Promotions Board Philippines (TPB); and Zamboanga City Special Economic Zone Authority (ZCSEZA).
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