TRADE AND INVESTMENT COOPERATION. Russian Deputy Minister of Industry and Trade Aleksey Gruzdev answers queries from the press about his engagements with Philippine officials in Manila during a briefing at the residence of His Excellency Russian Ambassador to the Philippines Igor Khovaev in Makati City on September 25, 2019. Russia is eyeing new fields of trade and investment cooperation with the Philippines. (Photo courtesy of PCOO)
MANILA -- Russia is eyeing new fields of trade and investment cooperation with the Philippines as these seek to diversify economic relations between the two countries.
“This time, we decided to focus on several sectors including pharmaceuticals and medical equipment; infrastructure mainly airport development, railways. We also decided to learn on deepening cooperation in the power sector, including energy,” visiting Russian Deputy Minister of Industry and Trade Aleksey Gruzdev said in a press conference on Wednesday co-organized by the Presidential Communications Operations Office, Office of the Global Media Affairs.
Gruzdev said the two-day visit in Manila, from September 24 to 25, also aimed to “diversify trade and economic relations.”
“Our trade and our economic relations, unfortunately, are not that diversified as we wish to be. The same thing goes to the Philippines’ exports to Russia. We need to identify new sectors, new possibilities,” he added.
The Russian official, who is also co-chairman of the Joint Russia-Philippines Commission on Trade and Economic Cooperation, hopes that his visit “would evolve into contracts, agreements, and joint cooperation."
Gruzdev added the Russian government would like to share its expertise in railroad and underground construction with the Philippines, as their country "is one of the leading in the sector," adding that Russia has about 85,000 kilometers of railways stretched in the state.
This could also be a means to help in the Duterte administration’s "Build, Build, Build" program, Gruzdev noted.
He also said the two-way trade between Russia and the Philippines “is developing quite rapidly.”
“In line with the statistics last year, we've witnessed a growth of 100 percent in our trade turnover, reaching the level of USD1.2 billion --much more than the previous year-- both exports and imports are growing,” Gruzdev said.
During his two-day visit, the Russian official attended meetings with top officials of the Department of Health, Department of Transportation, Department of Trade and Industry, and more than 15 companies from the business sector.
Meanwhile, Russian Ambassador to the Philippines Igor Khovaev said during the same press conference that Gruzdev’s visit in the country was “very useful and timely” as President Rodrigo Duterte is set to visit Russia for the second time from October 1-5.
He disclosed that "a number of agreements" are expected to be signed between the Philippines and Russia during President Duterte and Russian President Vladimir Putin’s bilateral meeting at Sochi “on different sectors” as both countries "want to diversify our cooperation."
The envoy also encouraged Filipinos to visit St. Petersburg as Russia will implement a free electronic visa on October 1. (PR)
