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The bilateral trade turnover between Russia and the Philippines in 2013 1,7 billion does not meet the potential of our states - Matvienko

During her meeting with the Speaker of the House of Representatives of the Congress of the Republic of the Philippines, Feliciano Belmonte, Chairman of the Federation Council Valentina Matvienko noted that for Russia at this stage the priority is the accelerated development of the regions of the Far East. Speaking about the favorable conditions created for investors in the territories of advanced development, the speaker of the upper house of the Russian parliament noted that “this may interest the representatives of the Philippine business”.

Bilateral trade between Russia and the Philippines over the past twenty years has grown forty times and totaled 2013 billion dollars in 1,7 year. “At the same time, this figure does not correspond to the potential of our states. Efforts should be made on both sides to implement it, ”said Valentina Matvienko. In particular, she pointed out the importance of diversifying the structure of bilateral trade, searching for new forms of interaction, and developing investment cooperation. Among the promising industries for building up cooperation, the speaker of the Federation Council singled out energy, agriculture, pharmaceuticals, and telecommunications.

In turn, Feliciano Belmonte stressed the importance of cooperation between the Philippines and Russia. “We hope that the visit of the delegation of the Federation Council will contribute to strengthening the bilateral dialogue,” he said.

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