NEWS

PHILIPPINE CONSULATE GENERAL in shanghai

INVITES NINGBO BUSINESSMEN TO INVEST IN THE PHILIPPINES

________________________________________________________________________________

Consul General Maria Rowena Mendoza Sanchez with Ningbo Vice Mayor Cheng Yuechong

Delegation from the Philippine Consulate General in Shanghai receive briefing on China’s 2^nd biggest port – Ningbo

Consul General Sanchez and delegation touring the Youngor facilities in Ningbo

08 April 2008 - Consul General Maria Rowena Mendoza Sanchez recently paid an official call on Ningbo City Vice Mayor Cheng Yuechong and officials of the China Council for the Promotion of International Trade Ningbo Sub-Council to discuss ways to promote Philippines-Ningbo trade, investment and tourism relations. 

Accompanying Consul General Sanchez were officials from the Consulate and Philippine coffee franchise leader Figaro Coffee Company led by its CEO Pacita Juan. Figaro has had presence in Shanghai for 3 years now and joins the delegation in support of the Consul General's efforts to introduce investment prospects in the Philippines. Likewise, Figaro is looking into opportunities in other key cities in China.

During the visit, Vice Mayor Cheng said that Ningbo welcomes the expansion of cooperation in various fields and the strengthening of trade relations between the two sides.  He also said that Ningbo will be sending a delegation to the Philippines in the second half of 2008 to look into possible investment opportunities that the country has to offer.

Ningbo is located south of Shanghai and has the 2^nd largest CDP among all cities in the Zhejiang Province.  In 2007, the city, which has a total population of about 9 million, had a GDP of about US$48 billion and a per capita GDP of over US$8,000.

Aside from the official meeting, the delegation visited the Ningbo Jiangbei Chuangxin Electric Appliance Company, one of the leading manufacturers of small home appliances in China.

The delegation also visited the Youngor headquarters in Ningbo.  Youngor is one of the world's biggest production bases for men’s garments with a production of 80 million suits each year.  In early 2008, Youngor acquired Xin Ma Apparel International, a $120 million investment, which has production bases in the Philippines. Youngor also has a real estate business which accounted for nearly one third of Youngor’s sales of $478 million in 2007.   During the visit, Consul General Sanchez enjoined Youngor to consider expanding its investments in the Philippines since the country’s garments manufacturing infrastructure is ready to absorb foreign investments.

The delegation also visited the Ningbo Port which ranks as the 2^nd largest in China and the 4^th in the world.  Consul General Sanchez noted that with the opening of the Hangzhou Bay Bridge in early May and which effectively cuts the travel time between Shanghai and Ningbo from 4 hours to 2 hours, this will further spur growth in the city and would make it an ideal destination for Philippine business and investment aside from Shanghai.END