Nine agreements worth $1 billion in value were signed by companies based in the municipality of Chongqing in China on the sidelines of the Philippines- China (Chongqing) Trade and Investment Forum yesterday.
The biggest of the agreement is the $1-billion strategic cooperation agreement between Chongqing Hongjiu Fruit Co. Ltd and Davao Eng Seng Food Products Company.
Four trading contracts were also signed. These are between Qingling Motors Co. Ltd. and Kingling Motors Inc. for $30 million; Chongqing Lifan Industry (Group) Import and Export Co. Ltd. with Mitsukoshi Motors Philippines Inc., $30 million; PT Sokonindo Automobile, a wholly-owned subsidiary of Chongqing Sokon,and QSJ Motors Philippines Inc., $21.77 million and Chongqing Loncin Import & Export Co. Ltd. with Yingang Motorcycle Philippines Ltd., $21 million.
Two other strategic cooperation agreements were signed. These are between Develop Century International Logistics Co. Ltd. and Sincerity International Cargo Service Corp. and the China Council for the Promotion of International Trade Chongqing Sub-Council with the Federation of Filipino-Chinese Chambers of Commerce and Industry.
Two memoranda of understanding were also clinched. These are between Hyundai Motor Grou and Beijing-Hynudao Auto and Hyundai Asia Resources Inc. and Chongqing Panhua Steel with the Philippine Economic Zone Authority.
The forum, co-organized by the Chongqing Municipal People’s Government and the Department of Trade and Industry, was a platform for businesses from both Chongqing and the Philippines to expand into international market and share information on the latest socio-economic progress and investment opportunities. It also included business matching sessions.
The forum aims to raise awareness on the need to implement the Belt and Road Initiative and make the best of the New International LandSea Trade Corridor to deepen economic and trade exchanges as well as industrial cooperation.