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|6 January 2010
China sets aside $10bn in investment fund to boost trade with Asean
Beijing is allocating $10 billion for the Philippines and members of the Association of Southeast Asian Nations to help the private sector benefit fully in the free-trade agreement (FTA) which will be implemented starting this month, Philippine daily Business Mirror reported.
Chinese Ambassador to Manila Liu Jianchao said the Philippines stands to benefit from the Asean-China FTA (ACFTA) because of its strong export potentials in electronics, agricultural produce, fruits, fishery products and minerals.
“With the [ACFTA] agreements on trade of services and investment coming into force, the Philippines would be well-poised to boost service trade and attract investments,” said Ambassador Liu, citing that the strong assets of the Philippines lies in tourism, English teaching, eco-medical and retirement care services.
The Chinese official said to enable Asean economies to benefit fully in the free trade deal, it has set up an investment cooperation fund worth $10 billion.
“The first $1 billion will soon be made available for project orientation. The Philippine government stands in a good position to make full use of this fund and determine on candidate projects according to its strategy of economic development.
The Chinese side is looking forward to seeing the related application be filed at an earliest date,” said Liu.
The trade deal will also bring in more incoming investments from both China and other Asean countries that will provide the driving impetus to infrastructure development in the Philippines, he said.
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