Category: Business

Cuban Tourism Minister Juan Carlos Garcia on Thursday stated his country is open to foreign investment despite the hostile blockade imposed by the United States.

According to Juan Carlos Garcia, who is part of the Cuban delegation (headed by Prime Minister Manuel Marrero) to the 26th St. Petersburg International Economic Forum, Cuba is much interested in investing in digital economy and e-commerce

Speaking at the Russia-Latin America session, García said Cuba has so much to provide in biotechnology, health, education and tourism sectors.

He also said Cuba’s 2030 development plan includes the possibility of attracting capital from all forms of production, including from private sector.

For such a reason, García said “it´s critical that our country’s legislation is prepared and responds to the interests of protecting such an investment”.

Source: Lao News Agency

President Ferdinand R. Marcos Jr. on Friday expressed gratitude to China for its ‘generous’ donation of some 20,000 metric tons of urea fertilizers to the Philippines, saying the act is a testament to the two nations’ improving ties. During the turnover ceremony at the National Food Authority (NFA) warehouse in Malanday, Valenzuela City, Marcos inspected the donated urea fertilizers from China. Marcos also received the certificate of handover on fertilizer donation from Chinese Ambassador to the Philippines Huang Xilian who represented the Chinese government. ‘In behalf of the Filipino people, let me extend our deepest gratitude and appreciation to the Chinese government and its people for this donation – a solid gesture of friendship and goodwill,’ the President said in a keynote speech. ‘I am not surprised that immediately, upon our request for any assistance in terms of fertilizer supply, China immediately understood the predicament that we’re in. Thus, we have today the turnover of 20,000 metric tons of urea fertilizer from China to the Philippines,’ Marcos added. Marcos said the donation would help realize his administration’s bid to boost agricultural production in pursuit of food security. In a chance interview, Marcos said the donated fertilizers will be distributed to farmers in Luzon through the Department of Agriculture’s (DA) existing voucher system. ‘Inuna muna natin dito sa Luzon. So idi-distribute ito sa Luzon (We will prioritize Luzon. We will distribute these in Luzon) through the voucher system that we already have. So, isasama na lang natin itong supply ng fertilizer na ito (these will be included in the supply of fertilizers [that we will give to local farmers]),’ he said. ‘The diligence and hard work of our farmers are the realizable goal of food self-sufficiency and the lasting beneficial impact of the long-standing friendly ties between our two nations,’ he added. The donated urea fertilizers worth renminbi (RMB)100 million (PHP782.68 million) are part of the grant provided in the Agreement on Economic and Technical Cooperation between the Philippine and Chinese governments on April 25, 2019. Urea is widely used in the agriculture sector both as a fertilizer and animal feed additive. With its high nitrogen content of about 46 percent, urea fertilizer initiates vegetative growth and makes the plants look lush. It is a white crystalline organic chemical compound that is neutral and can adapt to almost all types of soil and crops. ‘Promising’ agri cooperation Marcos said the agricultural cooperation between the Philippines and China turns out to be ‘very, very promising.’ This, as he acknowledged the similarities in the two nations’ initiatives to improve their food production and ease their farmers’ plight. ‘So, we can learn from one another in many, many ways, and that has been an ongoing process for long time now. Not just now, because of the food crisis that we are feeling around the world but also we have a very similar priorities when it comes to agriculture, so I am very optimistic,’ Marcos said. Strengthening ties Following China’s donation of urea fertilizers, Marcos reassured the Chinese government that he is committed to further elevating Manila’s ties with Beijing. ‘These generous acts symbolize the value of the relationship between our two countries. We must continue to nurture, we must continue to care for that through acts of mutual assistance and constant and amicable dialogue,’ he said. ‘I assure the Chinese government that the Philippines will always work for the strengthening of our ties and the advancement of our mutual interests and they are many. As we walk to the next half-century of our diplomatic ties, let this day be a celebration of many things for us,’ Marcos added. The Chief Executive made the vow, as he recognized China’s latest move as a ‘solid gesture of friendship and goodwill.’ ‘World-class’ agriculture Marcos also reiterated his vow to improve Philippine agriculture as he continues to take on the DA portfolio. He said he is keen on boosting the agriculture industry’s global competitiveness, as well as on making it ‘world-class.’ ‘We are a global economy, and we have to compete in the global economy. And that is why our agriculture has to be brought to a level where we can say it is world class and can compete with all the agricultural producers around the world, especially in our region,’ Marcos said.

Source: Philippines News Agency

A business dialogue between ASEAN and the Eurasian Economic Union (EAEU) was held on June 15 in the framework of the 26th St. Petersburg International Economic Forum (SPIEF) in Russia.

The year 2023 marks the 5th anniversary of the signing of the Memorandum of Understanding between ASEAN and the EAEU on economic cooperation, as well as the 5th anniversary of the ASEAN-Russia Strategic Partnership.

The ASEAN-EAEU dialogue on June 15 aimed at creating additional impetus to strengthen and diversify cooperation in all areas of the economic and trade agenda, including the circular economy, energy efficiency, industry, food security, logistics, digital technology and tourism.

At the dialogue, speakers all affirmed the great potential of economic cooperation between ASEAN and the EAEU.

Member of the Board – Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission Sergey Glazyev said that for the EAEU, ASEAN is the most important partner in terms of the system of agreements. However, the low bilateral trade turnover shows that there are great potential and many development opportunities between the two blocs, and it is necessary to convert these potentials into actual results.

One of the limitations affecting trade exchanges between the two blocs is the issue of payment, he said, proposing making payment in local currency, or by developing gold standard electronic currency. However, Glazyev said that the most important thing is that businesses should get more information and increase understanding of each other.

Deputy Secretary-General for the ASEAN Economic Community for 2021-2024 Satwinder Singh suggested three directions to strengthen cooperation between the two blocs, namely energy security, digital technology, and agricultural products and food processing.

Russia’s Deputy Minister of Economic Development Evgeny Zagainov said that ASEAN and its member countries have a significant position in the pivot strategy of Russia – the most important member state in the EAEU.

Zagainov said that within the past year, he has joined Russian delegations to Indonesia, Vietnam, Cambodia, Thailand, and Myanmar to promote trade.

ASEAN is an important market for Russia due to its high economic growth rate, large population, which lead to a large and attractive consumer market, he said, adding that the tourism sector also has a lot of potential for people of both blocs./

Source: Lao News Agency

The share of tourism to the country’s gross domestic product (GDP) could reach as high as eight percent this year due to the further reopening of the Philippine economy, an economist said on Friday. In an interview with the Philippine News Agency (PNA), Rizal Commercial Banking Corporation chief economist Michael Ricafort said the share of tourism to the GDP could grow to 7 to 8 percent, from more than 6 percent in 2022, given the continued recovery and growth in foreign and local tourism due to the easing of restrictions since early 2022. “Tourism’s contribution to the economy continued to increase as the economy reopened towards greater normalcy, with no more large lockdowns since 2022 that eased restrictions on the movement of tourists around the country as increased vaccination doses effectively reduced new COVID-19 cases,” Ricafort said. Data from the Philippine Statistics Authority (PSA) showed that in 2022, the share of Tourism Direct Gross Value Added (TDGVA) to the Philippine economy, as measured by the GDP, is estimated at 6.2 percent. The TDGVA amounted to PHP1.38 trillion last year, higher by 36.9 percent from PHP1.00 trillion in 2021. Ricafort said the government’s policy to keep the economy as open as possible and the optional wearing of face masks further boosted both local and foreign tourism activities around the country. He added that China, which is one of the biggest sources of tourists for the country, also eased restrictions last December 2022, thereby allowing more foreign tourists from the said country to come to the Philippines. “For the coming months, tourism, both local and foreign, could still contribute more as a bright spot for the local economy, as a source of additional jobs and other business opportunities in various tourist destinations around the country, especially outside Metro Manila, also positively contributing to business and other economic activities in nearby areas of major tourist destinations,” said Ricafort. Ricafort however cited the importance of further investing in adequate infrastructure such as airports, seaports, toll roads, mass transport systems, among others to support a higher number of foreign and local tourists.

Source: Philippines News Agency

China’s General Administration of Customs on Wednesday disclosed having approved the imports of bananas and coffee beans from Honduras, a decision framed in the official visit paid by Honduras’ President Xiomara Castro, here.

According to a press release from that entity, both officials ratified the entrance of certain food as banana, coffee and white shrimp in the domestic market by the signing on Monday of their corresponding protocol between the two nations.

The dispatch added so far, that 10 local companies have been able to import coffee beans and aquatic products from Honduras.

After the establishment of diplomatic relations last March, bilateral trade between Beijing and Tegucigalpa grew and closed the first four months of 2023 with a volume valued at almost four billion yuan (over 543 million dollars). Precisely, the trade issue has been the goal-centered of President Castro’s visit here, which ends on Wednesday; consequently, the sides agreed to initiate a free trade deal to expand the entry of more goods from Honduras to China’s market.

Likewise, both leaders sealed almost twenty cooperation deals in multiple sectors, among them, the incorporation of Honduras to the project of the Strip and silk road of China.

Source: Lao News Agency

The 19th edition of MTA Vietnam 2023, an international exhibition and conference on precision engineering and manufacturing, will return from July 4-7 in Ho Chi Minh City, with 320 exhibitors from 13 countries and territories taking part.

Apart from exhibitors from developed countries such as the US, Germany, Switzerland, Canada, Japan, the Republic of Korea and Singapore, 10 international brands have also chosen MTA Vietnam 2023 to showcase their products.

As the leading international trade event in Vietnam for precision engineering and manufacturing over the past two decades, MTA Vietnam has become an annual activity expected by the business community in the manufacturing-processing industry

The majority of exhibitors will focus on showcasing products and services in the fields of automation technology, cutting and machining tools, home and auxiliary equipment, material storage and processing, metal cutting machines, modeling systems and software, metal forming and sheet metal cutting, and much more.

A series of thematic seminars will also be held to provide the latest updates in mechanical engineering and machinery manufacturing.

For the first time at the event, the organising board will design a completely new and unique exhibition area called VINRA where the most advanced technologies and machinery in the field, as well as the world of robotics, automation, and AI-powered robotic arms, will be introduced to visitors and the Vietnamese market.

According to the Ministry of Industry and Trade’s Department of Industry, there are around 25,000 mechanical businesses operating nationwide at present.

The size of Vietnam’s mechanical engineering industry is expected to reach around 310 billion USD from 2019 to 2030, providing ample opportunities for the mechanical industry and the tool machinery, precision engineering, and metal processing in particular.

Source: Lao News Agency