THE Cebu Chamber of Commerce and Industry (CCCI) is eyeing two sister-chamber agreements with Singapore and Vietnam before the end of this year.
Although CCCI is already a member of Confederation of Asia Pacific Chambers of Commerce and Industry (Cacci) which is already linked to the Asean chambers, CCCI president Ma. Teresa Chan, believes the sister-chamber agreement between CCCI and business chambers of Singapore and Vietnam will allow CCCI members to make personal connections with the business decision-makers, especially in the Asean countries.
CCCI has already officially inked a sisterhood deal with Malaysia, Indonesia and Thailand.
"Connecting CCCI to its counterparts in Asean is vital towards the full implementation of the unified regional bloc this year,” said Chan. She said this will open them to mutual trade exchanges and strengthen "coopetition” instead of competition among the Asean member countries.
Having a sister-chamber agreement will pave the way for smooth trade facilitation should investors from two countries decide to pour in investments. "It’s really different when you have connections with people who really know about the complexities of the market,” said Chan.
The Philippine Institute of Development Studies (PIDS) said that the government should provide Filipino entrepreneurs market information on how to enter each country in the Asean for them to get a good slice of the 600 million Asean consumer base, citing different religions, traditions, and cultural affiliations as among the crucial factors in penetrating the multi-cultural consumer population.
The Philippines ranks sixth in foreign direct investments (FDI) among the 10 economies of Southeast Asia, according to the World Investment Report 2015 by the United Nations Conference on Trade and Development (UNCTAD).
The Philippines received $6.2 billion last year, a big jump from $3.7 billion in 2013.
Singapore recorded the highest FDI in Asean last year with a whopping $67.5 billion, up from $64.8 billion the preceding year. Indonesia came in second with $22.6 billion from $18.8 billion in 2013, follwed bye Thailand with $12.5 billion (down from $14 billion in 2013), Malaysia with $10.8 billion (from $12.1 billion previously), and Vietnam with $9.2 billion (from $8.9 billion).
Next to the Philippines is Cambodia with $1.7 billion from $1.9 billion from a year earlier, Myanmar with $946 million from $584 million, Laos with $721 million from $427 million, and Brunei with $568 million from $776.
In Asean FDI flows rose five percent to $133 billion in 2014 from $126 billion in 2013.
