Jun

28

A number of companies in Russia explore possibilities of investments in the Philippines. Already, some organizations conduct feasibility studies for possible joint venture projects in tourism, infrastructure, energy and telecommunications.

Russia’s private sector and government are also interested to learn the success story of economic zone facilities, the key of Philippines’ premiership among the world’s BPO (Business Process Outsourcing) market.

The active move of Cebu local government units (LGUs), both the Cebu Province and Cebu City to strengthen ties with Cities in Russia also fueled the strong interest of Russian investors and tourists to come to Cebu.

The strengthened trade relationship between Russia and the Philippines with the pronouncement of the Philippine government’s thrust to promote private-public-partnership (PPP), more Russian investors are enticed to pour in their money in the country, via the PPP program.

At present, Russian-company Russian Electronic Corporation is into talks with big Philippine-based conglomerates for possible joint-venture move. Another company looks into investing in the hotel industry and a reputable firm called Russian Technologies Corporation, which is into military technology development, has also expressed interest to set up plant in the Philippines.

Executives from Russian Technologies Corporation were in the Philippines recently to sign a Memorandum of Agreement (MOA) with the Philippine Chamber of Commerce and Industry (PCCI) for its intention to develop equipment for renewable energy plants.

As the Philippines is in need for technology, Russia offer ‘technology-transfer’ efforts, mainly in the fields of tourism, infrastructure, telecom, and energy, which would provide economic substance for the country.

The huge opportunity to attract more Russian tourists comes in particular for Cebu, Philippines; which Russians love the locale’s warm hospitality, weather, seafood, among others.

In 2010, there was recorded fifty thousand Russian tourists who visited the country. This number is expected to double in the next few years, as more Russians have discovered the charm of the country.  Cebu is among the top three destinations for Russian visitors.

Full Time Employee Outsourcing – BPO workers for Direct-hire, Ideal for small-scale projects!
Source: Dagooc, Ehda. "Russian capitalists eyeing
business prospects in PHL". 25 June 2011.
The Freeman. Accessed 26 June 2011. Link Here.

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