Prague: Strengthening Trade and Investment between the Philippines and Czech Republic
On the final day of President Ferdinand Marcos Jr.’s state visit to Prague, the Philippines and Czech Republic solidified their commitment to promoting trade and investment through the signing of three significant agreements. These agreements were witnessed by Marcos and Czech President Petr Pavel during the Philippines-Czech Business Forum at Czernin Palace in Prague.
One of the signed agreements was the Memorandum of Understanding (MOU) on cooperation between the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) and the Electrical and Electronic Association of the Czech Republic (ELA). This MOU establishes a long-term collaborative relationship between SEIPI and ELA in the field of electronics. It includes participation in the global network of leading technology and innovation centers and the engagement of small and mid-sized companies.
The IT and Business Process Association of the Philippines, Inc. (IBPAP) and the Confederation of Industry of the Czech Republic (SPCR) also signed an agreement of mutual cooperation to promote commercial and industrial relations. This cooperation deal covers the exchange of best practices on policy and regulations, the development and promotion of information technology (IT) competencies, and the certification or facilitation of responsible implementation of artificial intelligence.
Furthermore, the Philippine Chamber of Commerce and Industry (PCCI) and the SPCR signed an agreement of mutual cooperation to enhance trade and investment between the two nations. This agreement involves exchanges of trade missions, the organization of trade and investment seminars, and the exchange of market information.
President Marcos expressed his optimism about the signed agreements, emphasizing their significance in unlocking the vast potential in the business partnership between the Philippines and the Czech Republic. In his speech to Czech business leaders, he stated, “These agreements are not just documents. They are a commitment to unlocking the vast potential that lies in our partnership, especially in the semiconductor and IT-BPM sectors.”
President Pavel, on the other hand, expressed his hope that the Philippines and the Czech Republic would come closer in terms of their interests in business opportunities through this forum. The mutual cooperation agreements signed between various organizations pave the way for stronger ties and collaboration in trade and investment.
It is important to note that these agreements are aligned with the local laws, customs, and regulations of both countries. By establishing a framework for cooperation and exchange, the Philippines and the Czech Republic are creating an environment conducive to business growth and investment.
The signing of these agreements signifies the commitment of both nations to foster economic development and strengthen bilateral relations. With the exchange of knowledge, best practices, and market information, businesses in the Philippines and the Czech Republic can explore new opportunities and expand their presence in each other’s markets.
In conclusion, the signing of the three agreements between the Philippines and the Czech Republic marks a significant milestone in promoting trade and investment between the two nations. These agreements pave the way for collaboration, knowledge sharing, and market expansion, unlocking the vast potential for business partnerships in various sectors. Both President Marcos and President Pavel expressed their optimism about the future of the Philippines-Czech Republic relationship and the opportunities it holds for economic growth and development.
Source: The Manila Times
