A DELEGATION from the Russian Federation is in Cebu to look into investment opportunities in tourism and trade.
The delegation, is composed of 50 government officials and business leaders from the Russian Federation, participated in the First Philippine-Russia Business Forum at the Cebu International Convention Center (CICC) yesterday.
The members of the Russian delegation are possible investors, Honorary Consul of the Russian Federation Armi Garcia-Lopez said in an interview yesterday.
“We are already gaining ground in having Russians as tourists.
So it is time for us to make them stay and have them do business here,” Garcia told reporters at the sidelines of the forum.
She said the forum is part of her vision called the “movement three,” which lists tourism, trade and investment as among the priority sectors to be promoted through the Philippine-Russian Business Assembly Inc. (PRBAI).
Garcia, who is also PRBAI president, said yesterday’s forum focused on how and where the Russians can invest in the country’s recreation industry, including hotels and beach resorts.
PRBAI, established in 2008, promotes trade and investment between the Russian Federation and the Philippines through an economic cooperation involving heads of state and other “vital links” that will push for legislation and policy, which will streamline trade and investment protocols in both countries.
Priority
Garcia said the PRBAI has listed priority industries where Russians can invest. These include tourism and tourism development, and trade.
She said the PRBAI will assist those who will invest in these industries. “We will assist them in whatever way we can,” she added.
Garcia said the Russians are also interested in investing in energy generation and mining.
She said that one of the biggest Russian investors, so far, is P.R. International Development Enterprise, which is into development of private residential properties and large-scale tourist resorts. The company has proposed multi-million peso
projects in Subic and Cebu.
During the forum, the Department of Tourism presented investment opportunities in the tourism sector while the Philippine Export Zone Authority (Peza) gave an overview on the different incentives available to investors, based on the Bureau of Investments-Peza framework. An overview of Cebu industries—including the business process outsourcing, energy and real estate—was also presented to the Russians.
The forum also featured pre-arranged one-on-one business matching sessions between the Russians and Filipinos.
Garcia said the PRBAI hopes that the Philippine-Russian Business Forum will be held annually.
Garcia is expected to present a set of resolutions to President Arroyo based on her assessment of the plenary sessions and the open forum.
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