Russia pledge to buy $2.5-B PH agri crops

After the bilateral talk of President Duterte and President Vladimir Putin, they agreed to strengthen the bilateral trade and economic ties. The Russia vowed to buy $2.5 billion worth of fruits, grains or vegetables from the Philippines.

According to Trade Secretary Ramon Lopez, Russia committed to increasing the volume of imports in agricultural crops.

“They are saying immediately… they can easily bring up the imports from the Philippines to the tune of about $2.5 billion,” Lopez said.

They also commit in other trade in tourism, infrastructure, and energy.

“The President [Rodrigo Duterte] has a good first meeting with President [Vladimir] Putin. They offer discussing trade and investments in the field of energy, machine engineering, hardware, energy equipment, modernizing retro fit machines, long range railway building, port infrastructure and monorails,” Lopez said.

Last year, Russia investment only about $46 million (P2.28 billion) compared today that could reach about $2.5 billion (P124.17 billion).

“We can only look up, I mean, nowhere to go but up because it’s really a relationship that offers a lot of opportunities because before, almost nothing happened when it comes to trade and investment with Russia,” Lopez said.

Also, both countries agreed to cooperate in terrorism and illegal drugs, law enforcement, education, and finance.

Source: Inquirer, Philstar

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