Fujian eyes more investments in PHL

Fuzhou, China —As ties improve between Manila and Beijing, investors from China’s Fujian province are eyeing more investments in the Philippines, including agriculture and mining sectors, local government officials said Saturday.

Proximity and historical ties make the Philippines an attractive investment market for Chinese industries, said Li Lin, Deputy Director General of Fujian’s Foreign Affairs office.

“Fujian and the Philippines are only divided by sea and are very close. We would like to cooperate with the Philippines in the areas that we are strong,” he told visiting Filipino journalists.

Situated in China’s southeastern coast, Fujian was home to thousands of early Chinese settlers to the Philippines.

Over the years, many ethnic Chinese from Fujian have become successful and now controls many of the Philippines’ industries, such as manufacturing, banking and trade.

“One of the main reasons for investing in your country is that there are a lot of overseas Chinese who came from Fujian. They are quite successful business people like Henry Sy, Lucio Tan they are all from Fujian province,” said Zhao Wei Ling, Deputy Director of Fujian Provincial Department of Commerce.

The Philippines ranks as the second market for Fujian’s foreign direct investments in Southeast Asia, next to Singapore. It is also Fujian's second largest export market in the region.

Since last year, trade volume between the Philippines and Fujian alone has reached $6.9 billion.

“The Philippines has about 100 million people and has great potential for our economic cooperation. Also because of the improved condition of China-Philippines relations, there is also potential for our investments to grow,” Zhao said.

Relations between China and the Philippines have vastly improved under President Rodrigo Duterte, who sought Chinese trade and economic aid while shelving long-running territorial disputes, including an arbitral tribunal case won by the country.

“Our businessmen are interested in the agricultural sector, labor-intensive industries and the mining sector,” Zhao said.

Facing west off the Taiwan strait, Fujian is home to nearly 37 million people and is also big potential for the Philippines’ tourism market, said Li. One of Fujian’s cities, Xiamen, is only two hours by plane and is fast becoming a tourist destination for Filipino travelers.

“We can see there are frequent people to people exchanges on both sides and the Philippines is a major tourist destination for Fujian people,” he said.

“The Philippine tourists coming to China are also increasing and last year more than 100,000 Filipino tourists have visited Fujian province,” he added.

Apart from mining and agriculture, Li said Fujian businesses are also looking into tapping possible investments and joint ventures in the manufacturing sector, electronics, machineries and equipment and chemical industries.

“We have these investments in other Southeast Asian countries like Vietnam, Cambodia, and in Bangladesh but the Philippines is much closer to us and we have a traditional relationship between us. I think the Philippines does not only have the labor force, but big market for our products.” —LBG, GMA ANews