By Ehda M. Dagooc (The Freeman) Updated August 08, 2009 12:00 AM
MANILA, Philippines - The Philippines, specifically Cebu, can expect more investments from Russia starting this year, or so says Honorary Consul of the Russian Federation for the Philippines Armi Lopez Garcia during the first Philippine-Russia Business Forum held yesterday at the Cebu International Convention Center.
About 50 Russian investors and traders are in Cebu to explore trade and investment opportunities in the Philippines, following the creation of the Philippine-Russian Business Assembly Incorporated (PRBAI).
Garcia, who also sits as PRBAI president, said that the Philippines, specifically Cebu could expect more investments from Russia particularly in the fields of tourism, trade and investments.
The reason why the business forum was held back-to-back with the One Cebu Exhibition in order to provide the Russian delegates a glimpse of “Cebu’s Best”, Garcia said Russian businessmen are mostly interested in creational projects like hotels and resorts and other tourism related investments, trading, while some are interested in energy and mining.
For his part, Embassy of Russia charge d’affairs Sergey Shepilov said that the creation of the PRBAI is an important step for stronger trade relations between the two countries. The group, he said should act as a platform to promote each other, and to send a message to the respective governments in driving them to the right direction.
Shepilov urged the members of the PRBAI to be active in its advocacy in forging stronger trade relations, and business linkages, saying “you are an important part of the Russia and the Philippines bilateral relationships.”
Garcia said the group will focus on the “movement three” point which is to strengthen in the promotion of tourism, trade and investments between two countries.
PRBAI officials led by Garcia were inducted yesterday by Cebu Provincial Governor Gwen Garcia during the opening of the first Philippine-Russian Business Forum.
The PRBAI is an international organization that embodies the highest principles driving economic relations between citizens of the Republic of the Philippines and the Russian Federation.
According to Garcia, it represents the dynamic ties between both countries and aims to further strengthen regional economic cooperation, build strong networks of key businesspeople, policy makers, innovators and visionaries, align new ideas with policies, and work towards the formation of vital linkages that streamline the investment protocols in both countries.
Garcia hopes to present a resolution to the President Gloria Macapagal-Arroyo on the outcome of the one-day business forum.
According to Garcia, PRBAI is planning to make the Business Forum an annual event to sustain economic and trade relationship between the two countries.
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