Consul General Julius Caesar A. Flores represented the Philippines in the recently concluded 19th China International Fair for Investment and Trade (CIFIT) held in Xiamen City from 08 to 11 September 2016.
China’s Vice-Premier Wang Yang led the opening of the 19th CIFIT with more than 50,000 government officials, foreign dignitaries and businessmen from more than 100 countries and regions attending the opening day, which has been held annually since 1997 and is now considered the world's largest investment and trade fair approved by the Global Association of the Exhibition industry.
The UN Industrial Development Organization (UNIDO), the World Trade Centers Association (WTCA), and the American Chamber of Commerce in South China (AmCham South China), all regular CIFIT participants, together with the International Finance Corporation (IFC) also attended this year’s event.
Italy was the Country of Honor of this year’s fair, while Macao and Jiangxi Province were the Region and Province of Honor, respectively.
More than 600 invited guests attended this year’s International Investment Forum with the theme “New Concept, New Development: Toward a New Model of Open Economy”.
In his message at the Forum, China’s Vice-Premier Wang Yang announced that "China has recently decided to establish new test grounds for free trade zones, showing the country's determination to expand its opening-up process". This development demonstrates China's determination to become more accessible to foreign firms and investors and China’s desire of opening up to global market by building more free trade zones. The Chinese government plans to create seven free trade zone test areas in Liaoning, Zhejiang, Henan, Hubei, Sichuan and Shaanxi provinces as well as Chongqing municipality. The country currently has four free trade zones, which are in Shanghai, Guangdong, Tianjin and Fujian.
Wang also mentioned that CIFIT, which held its first session in 1997, is an opportunity to implement the agreements reached during the G20 Summit held in Hangzhou in early September.
Mr. You Quan, Communist Party Chief of Fujian province, said Fujian is well positioned to expand its opening-up process since it has developed from an agricultural region into a place that embraces the global market. The central government has set up the Fujian Free Trade Zone and designated the province as a hub for the Belt and Road Initiative, which has given the province a huge edge in integrating into the global market.
Mr. Wang Jianlin, chairman of Wanda Group, suggested tourism could stimulate investment in the anemic domestic market since it guarantees stable returns in the long term, and this is important as we don't currently have many highly profitable investment channels. To stress the importance and value of tourism promotion, Wang mentioned that his company has invested in a forest resort in a county called Baishan in Jilin province in northeastern China that brought Baishan’s GDP volume from the bottom to the top spot in the province.
The foreign dignitaries who attended the International Investment Forum included Zimbabwe Vice President Phelekezela Mphoko, Italian Vice Minister of Economic Development Ivan Scalfarotto and Latvian Deputy Prime Minister and Minister of Economics Arvils Aseradens who made a presentation of their respective country’s economic, trade and investment policies.
Consul General Flores was among the guests invited to open the 2nd China (Xiamen) International Health Industry Expo which showcased some of the latest technological advancements in the health and medical sector.
He congratulated the Expo organizers and underscored that the Philippines, like the rest of the developing world, regards health as a priority area in nation building and development. He added that the Philippines looks forward to establishing more partnerships with the Fujian health industry and global industry leaders to enhance its health and medical programs and technology.
Governor Antonio Kho of Masbate and his delegation, on a private visit to Xiamen, attended this year’s CIFIT upon the invitation of Mr. Jaime Co, proprietor of Biogen Pharma, a Fujian-based company engaged in the medical and hospital business in the Philippines, and one of the prime organizers of the expo. END
