They say that when an economy is booming, investors would become interested in investing their businesses in that place. It seems that the rumors are true and the Philippine economy is an upward trend because the Hong Kong-Shanghai delegation paid a visit to the Philippines in a joint investment mission to explore cooperation and investment opportunities driven by the growing intra-regional cooperation in Asia, notably under the Belt and Road initiative.
Belt and Road Initiative
The Belt and Road Initiative promotes connectivity and economic cooperation among countries along the Belt and Road routes to further market integration in the region.
The delegation consists of some 40 Hong Kong and Shanghai business leadersand service providers coming from a wide range of industries including consultancy, architecture, energy, waste and water treatment, engineering, and construction, legal and accounting, transportation, and other sectors.
The delegation met with the local government officials, agencies, and business leaders to explore and discuss potential collaborations between Hong Kong, Shanghai, and the Philippines on investment opportunities. The delegates also participated in project briefings and attended the “Hong Kong and Shanghai: Your Investment Partners” luncheon organized by the Hong Kong Trade Development Council.
Hong Kong Trade Development Council aka HKTDC Chairman Vince HS Lo came over and spoke to some of the media where he discussed the Belt and Road initiative as being able to bring real opportunities and benefits to the Philippines and around the region.
Co-mission leader Dr. Jonathan Cjoi, Chairman of the Hong Kong Chinese General Chamber of Commerce and Chairman of Sunwah Group also spoke with the media. In a luncheon where he spoke, he informed everyone that the delegation was very impressed by the prospect of upcoming projects in the country. They see a high demand for total solutions for infrastructure development as well as capital needs.
Close economic and trade links
The Philippines was the 19th largest export market for Hong Kong in 2017. The visit is very timely as Philippine president Rodrigo Duterte has made infrastructure development a top socio-economic development priority. Under the “Build Build Build” initiative, a list of mega infrastructure projects amounting to $160 billion is in the pipeline. The Belt and Road initiative can provide the much needed infrastructure financing to partner countries.
Hopefully, this partnership will yield good results in both sides and become profitable to both countries in the long run.