THE Department of Trade and Industry (DTI) said companies from eastern China’s Jiangsu province have expressed interest in exploring Philippine investments in renewable energy (RE) and battery technology.
In a statement, the DTI said a business delegation from Jiangsu agreed with prospective local partners to expand bilateral trade, with an eye towards “existing and projected demand and supply capacities.”
Officials from the DTI and Board of Investments (BoI) said other prospective industries that could take in Chinese investment include the automotive, green metals, and electronics segments.
The provincial delegation was headed by officials from Jiangsu’s Trade and Investment Promotion Department, Chamber of Commerce, and Liu Ping, the general manager of Nanjing Donglei Automobile Meter Co., Ltd.
Last month, the BoI secured a commitment from electronics company Shenzhen Grandsun to open two more plants in the Philippines.
This year, the company is expected to complete four audio device production facilities in the Philippines, bringing its total investments in the country to P3 billion.
By the end of this year, Grandsun is expected to employ 1,000 in the Philippines, with a target of 8,000 jobs by 2028.
On the sidelines of the China-ASEAN Expo, the BoI also received a commitment from a state-owned company which has allocated $15 billion in funding for Southeast Asian projects.
The state-owned company claims to be China’s biggest renewable energy operation with a presence in solar, wind, and hydropower energy.
The DTI’s Bureau of Trade and Industrial Policy Research estimates bilateral merchandise trade with China at $39.17 billion in 2022. China was the Philippines’ top trading partner and source of imports.
Meanwhile, approved investments from China hit $26.18 million (P1.43 billion) last year. — Justine Irish D. Tabile