The Philippines and the Czech Republic signed yesterday three private sector agreements aimed at strengthening trade and investment cooperation between the two countries in sectors ranging from defense, information technology security, to infrastructure and agriculture.
The agreements were signed on the sidelines of the Entrepreneur Forum arranged for the ongoing 10-day 60-man Czech Republic Business Mission in Manila.
The first memorandum of understanding (MOU) was signed by George Barcelon, president of the Philippine Chamber of Commerce and Industry and Vladimir Dlouhy, president of the Czech Chamber of Commerce, where they agreed to increase two-way trade by promoting agriculture, manufacturing, transportation, construction, mining, renewable energy among other sectors.
The MOU includes provisions for exchange of market information, promotion of investments and the establishment of joint business councils.
Filipino-owned Smart Citi Teknologi led by its chief executive officer Mario Marcos signed two agreements, one for the Manila Smart City with Tesla Technology and the other for the provision of mining extraction and refining solution with Traslovka.
Barcelon said he encouraged the delegation to explore opportunities in mass transportation in the regions as well as original equipment manufacture for small arms.
Dlouhy for his part said Czech Republic supports its companies which are into export in obtaining financing while private sector has been actively involved participant in government-to-government deals.
Marcos said his company will bring in technology developed by
In his speech, Czech Prime Minister Petr Fiala attributed to the Generalized System of Preferences the growing exports of the Philippines to his country.
Two-way trade between the two countries reached $700 million in 2021, with the Philippines exporting $500 million. Irma Isip
