Philexport partners with Taiwan trade group to boost investments

The umbrella organization of Philippine exporters has teamed up with Taiwan’s largest trade group to promote more trade and investment opportunities between the two economies.

The Philippine Exporters Confederation Inc. (Philexport) has signed a memorandum of understanding (MOU) with the Importers and Exporters Association of Taipei (IEAT).

Under the partnership, the two trade organizations agreed to work to enhance cooperation in the areas of importing and exporting, investment, information sharing and other activities beneficial to their members.

In addition, the parties vowed to facilitate the collaboration of small and medium enterprises (SMEs) from the two economies to gain access to new markets; strengthen bilateral cooperation and further develop third-party markets; and to exchange trade and market information on their respective goods and services.

Philexport president Sergio Ortiz-Luis Jr. said the MOU would support increased market access for SMEs.

Ortiz-Luis added that the partnership would also promote e-commerce, logistics services, and brand awareness.

“(These are the) strategies which Philexport and the Philippines have also been implementing under our development plans,” Ortiz-Luis said.

IEAT chairman Chiao-Chang Huang said the partnership with Philexport is expected to enhance business exchange and deepen the collaboration between Taiwan and the Philippines to promote “greater opportunities for businesses.”

Ortiz-Luis said the trade and investment relations of both economies have been growing, with the trade balance in favor of Taiwan.

“Within this context, the growth and objectives set forth in Taiwan’s New Southbound Policy of shared cooperation and collaboration with ASEAN (Association of Southeast Asian Nations) member states, South Asia, Australia and New Zealand augurs well with the Philippines’ thrust to attract investments and expand trade, particularly exports,” Ortiz-Luis said.

Philexport is IEAT’s first sister organization in the Philippines.

On the other hand, IEAT founded in 1947 represents over 6,250 companies in Taiwan, with close to 60 percent engaged in importing. Its members account for 40 percent of Taiwan’s total trade and employ more than 600,000 people.