A high-level business delegation from Israel arrived in the Philippines last week to explore trade and investment prospects.
The 15 Israeli business delegation headed by Ran Cohen, a former industry and trade minister and current president of Israel-Asia Chamber of Commerce, visit the Philippines following an invitation from Vice President Jejomar C. Binay, who visited Israel last year.
The Philippines is hoping to increase threefold its trade with Israel, with Israeli investors setting up facilities in the Philippines to boost economic relations between the two countries.
Philippine Chamber of Commerce and Industry (PCCI) president Miguel Varela said during the opening ceremony that “Two-way trade between us and Israel is unfortunately just at US$200 million to US$250 million last year. We intend to triple that. These numbers can grow in an unprecedented pace in the next few years", Varela said, citing growing interest from both sides to boost trade and investment relations.
Mr. Shimon Weinbaum, Honorary Consul of the Philippine in Jerusalem, who participated in thebusiness delegation noted that the trade opportunities between the two countries are enormous, hence in order to facilitate and improve trading conditions there is a need to focus on reducing transportation costs.
Weinbaum, who is a veteran in shipping and freight forwarding, added that there is a strong link between transportation costs and trade and his main task is to reduce the transportation barrier. To this end meetings have been arranged with shipping companies and local freight forwarders to discuss the issue.
The visiting businessmen are engaged in business process outsourcing (BPO), customs brokerage, diamond trade, information technology, machinery, real estate, renewable energy, seed technology, tourism and water technology. A business forumwas held on February 18 at PCCI’s headquarters in Taguig City, followed by matching sessions between Israeli and Filipino businessmen until February 19.
The Department of Trade and Industry briefed the visiting Israel businessmen on opportunities in the BPO, real estate and tourism sectors.
