Russian firms interested in transport, aerospace

THE Department of Trade and Industry (DTI) said it has received expressions of interest from Russian companies to invest in projects involving transport infrastructure, aerospace, iron and steel, autos, power generation equipment, mineral processing, and agriculture.

In a statement, the DTI said some the Russian firms are also interested in joint ventures with local partners.

Asked to provide details on the projects, the DTI’s Bureau of Investments said in a text message that the proposals “are still investment leads” and cannot be disclosed.

The DTI issued the statement after an April 19 meeting with a Russian delegation of government and private- sector officials on the sidelines of the Philippines- Russia Joint Commission on Trade and Economic Cooperation (JCTEC) Co-Chairs Meeting.

During the meeting, Russian Economic Development Deputy Minister Alexey Gruzdev, who led the delegation identified as possible areas of economic cooperation the agriculture, aerospace, and power sectors.

“I hope this meeting shows our sincere desire to be more than just friends and develop a mutually beneficial economic cooperation with the Philippines,” Mr. Gruzdev was quoted in the statement.

According to the DTI-Bureau of Trade and Industrial Policy Research, Russia was the Philippines’ 24th- largest source of imports and 37th- largest export market in 2017.

In 2017, Philippine exports to Russia rose 23.12% to $61.35 million. —