The Philippine Chamber of Commerce and Industry (PCCI) and its counterpart in Kazakhstan are set to sign a cooperation agreement that may lead to greater trade exchange and investments in particular sectors.
A news statement released on Wednesday said a cooperation agreement is now being negotiated between the PCCI and the National Chamber of Entrepreneurs of Kazakhstan that is aimed at identifying opportunities for trade and investments between the two countries.
Deputy Foreign Minister of the Republic of Kazakhstan Askar Mussinvo led a four-man delegation to the Philippines last week to engage the PCCI in a dialogue on the salient points of the accord.
PCCI Chairman Miguel B. Varela said the cooperation agreement could be the basis for exchange visits, business matching and sharing information, leading to trade and investment deals in sectors such as manufacturing, agro-industry, tourism, information technology, logistics and construction.
Last year the Philippines exported $483,922 worth of goods, and imported $123,585 from Kazakhstan.
Exports from the Philippines include pneumatic rubber tires for vehicles, vegetable fat and oil, laminated glass and other articles of plastics.
The trade department said Kazakhstan is a rich source of fossil fuel reserves and minerals, and metals such as copper and zinc.
Catherine N. Pillas