A delegation from China representing 44,000 Chinese local-level chambers of commerce has met with Finance Secretary Carlos Dominguez III to explore cooperation and investment opportunities in the Philippines and a possible tie-up with other business groups within the Association of Southeast Asian Nations (ASEAN) to further strengthen trade relations across the region.

Gao Yunlong, the chairman of the All-China Federation of Industry and Commerce (ACFIC), was accompanied during the meeting by several Chinese investors engaged in the fields of aerospace and aviation, agriculture, energy, hotels, tourism and other businesses.

According to Gao, Chinese private investments in the country would help to further fuel the Philippines’ economic growth and “deliver real benefits” to Filipinos in the form of more job opportunities and higher incomes.

He likewise told Dominguez during their meeting that he was impressed with the Philippines’ “economic development and social prosperity” in his first visit here in Manila.

“I bring a number of Chinese entrepreneurs with me and the mission of our delegation is to seek cooperation and opportunities in the Philippines, including investments and business cooperation,” said Gao, who is also vice chairman of the national committee of the Chinese People’s Political Consultative Conference (CPPCC).

He likewise said the ACFIC is eyeing the possibility of setting up a “joint club that will include Chinese entrepreneurs and those entrepreneurs from ASEAN countries, including the Philippines.”

Dominguez, in turn, informed the delegation that investment opportunities in the country are open in the areas of private housing, food production and retail, manufacturing, and tourism.

He said the delegation can open discussions with the Philippine Chamber of Commerce and Industry (PCCI) on exploring business partnerships and opportunities in the country and in linking up with other business groups across the ASEAN region.

“The big investments now, in the Philippines, I think is going to be in private housing, food production, in the retail food business, in manufacturing–our manufacturing is growing last quarter at 18 percent. These are the areas we welcome investments,” Dominguez said.

“Tourism investment is also very important for us and we want to partner up Chinese entrepreneurs in tourism business because the Chinese entrepreneurs know what the Chinese tourists are looking for,” he added.

According to Gao, ACFIC is a civil society organization that engages with Chinese private entrepreneurs. ACFIC has now grown to include 44,000 local-level business chambers or organizations with 47 million members combined.

“These private companies (account for) 60 percent of the GDP and 50 percent of the tax revenues (of China) and, moreover, they contribute 70 percent to technological and product innovation in China and 80 percent of China’s jobs,” Gao said.

Dominguez, through the delegation, thanked China for “its continuing full cooperation and support of renewed bilateral cooperation” with the Philippines initiated by President Duterte and Chinese President Xi Jinping in 2016.

“Since the middle of 2016, we have witnessed major bilateral cooperation, reinforcing the ties between our two countries,” Dominguez said. “We look forward to strengthened people-to-people relationships, government-to-government partnerships and cooperation and enhanced commercial and industrial relationships with China.”

Dominguez said the Philippines has also seen a surge of tourism arrivals from China following the renewal of warm ties between the two countries.

The finance chief recalled that in the early years of 2000 when he was in the private sector, the copper smelting company he headed had zero exports to China. But this changed in 2003 when he tapped the Chinese market, which by that year, accounted for 70 percent of the company’s exports.

Dominguez said he learned a valuable lesson at that time, which was to partner with China instead of competing with it to become successful in business.

“I think the Philippines, through President Duterte, is redirecting our entire foreign relations and business relations following this principle, which I learned in the year 2000,” Dominguez told the delegation.

“We must be cooperating, and not competing, and we must be a partner to China,” Dominguez said. “We welcome your business groups, whether private business or government companies from China, to do business in the Philippines,” Dominguez added.

With Gao during the meeting were Chinese Ambassador Zhao Jianhua; Lawrence Ho, member of the National Committee of CPPCC, vice-chairman of ACFIC, and chairman and CEO of MELCO International Development Limited; Chang Zhaohua, member of the National Committee of CPPCC; vice-chairman of ACFIC, vice-chairman of Shanghai Federation of Industry and Commerce, and chairman and CEO of Shanghai MicroPort Medical (Group) Co., Ltd.; Ma Jun, secretary of the delegation and director general of Liaison Department of ACFIC; Li Chunguang, director general of the General Office of ACFIC; Wang Litao, deputy director general of Poverty Alleviation and Social Service Department of ACFIC; and Lin Yinsun, deputy to the National People’s Congress (NPC), vice-chairperson of China Society for Promotion of the Guangcai Program, member of the Standing Committee of ACFIC, vice-chairman of Jiangxi Federation of Industry & Commerce, and chairman of the Board of Zhengbang Group Co., Ltd.

Also in the meeting were Wang Licheng. member of the Standing Committee of ACFIC, chairman of China-Africa Business Council, and president and CEO of the Board of Holley Group; Shang Jiyong, vice-chairperson of China Society for Promotion of the Guangcai Program, vice-chairman of Shandong Federation of Industry & Commerce, and chairman of the Board of China Wanda Group; Zhang Lei, executive committee member of ACFIC, vice-chairman of Guizhou Federation of Industry & Commerce, and chairman of the Board of YuTian Group; Wang Junhao, executive committee member of ACFIC, president of China Agriculture Industry Chamber of Commerce, and vice chairman and president of JuneYao Group; Xiang Wenbo, vice-chairman of Hunan Federation of Industry & Commerce and president of SANY Group; Zhang Zengchang, vice Chairman of the board of Zhongqi Holding Group; and Cao Qingshe, vice chairman of Hebei Construction Group Corporation Limited.

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