PH, Taizhou City See Bounce in Trade and Investment Engagement Post-COVID

CG Ignacio and team in discussions with Taizhou FAO Director General Ye and colleagues. (Shanghai PCG photo)

SHANGHAI, 21 March 2023 – Officials of the Philippine Consulate General in Shanghai and Taizhou City are partnering to boost two-way trade and investment in the RCEP era, and as China exits three years of COVID restrictions. This was the key takeaway from the courtesy call on Consul General Josel F. Ignacio last 16 March by Taizhou Municipal Foreign Affairs Office (FAO) Director General Ms. YE Lingjun, together with Director Mr. WANG Xiaohui and Ms. Shaon Chan. 

The FAO delegation had an animated exchange of views with the Consul General, Consul John Francis S. Herrera and PTIC-Shanghai Head Mario C. Tani.  

Director General Ye proudly reported on Taizhou’s steady rise. The city is now home to over 80,000 factories and over 72 listed companies based locally and with operations abroad. Taizhou’s niche areas include motor vehicles such as Geely and BYD Auto, auto parts, pharmaceuticals, biomedicine and healthcare products, and new materials used in aerospace and new energy.

Both sides see good prospects following the Philippines’ ratification of the Regional Comprehensive Economic Partnership (RCEP) and China’s exit from three years of COVID restrictions. Consul General Ignacio cited the Philippine Senate’s concurrence in the ratification of the RCEP on 21 February. PTIC Head Tani provided an overview of PH priority areas that could benefit from Taizhou enterprises investments, such as minerals and mineral processing, renewable energy, construction and agri-business. END

FAO DG Ye presents a traditional cut-paper artwork to CG Ignacio. (Shanghai PCG photo)

For more information, visit http://shanghaipcg.dfa.gov.ph/.