By Marianne V. Go (The Philippine Star) Updated September 17, 2009 12:00 AM
 

MANILA, Philippines - China has expressed keen interest in the country’s agriculture, infrastructure, mining and tourism sectors, but urged an improvement in the investment environment following numerous complaints from Chinese companies interested in investing in the Philippines.

Speaking at the opening of the Mining Philippines 2009 Conference at the Sofitel Hotel in Pasay City yesterday, Zhengping Wu, counselor of the Economic and Commercial Section of the Embassy of the People’s Republic of China, discussed China’s economic growth plans that include building 50,000 kilometers of new expressways and up to 12,000 kilometers of new express railways that would require a lot of mineral and metal resources.

Zhengping noted that the Philippines accounts for 55 percent of China’s nickel imports, but only one percent of its copper imports.

There is a “huge demand to support China’s economic development,” he added.

According to Zhengping, China is interested in developing “long-term and strategic cooperation” in the mining sector. He said Chinese investors are not going to invest in the Philippines just for “quick money.”
 

“Our government will ensure a win-win arrangement,” he added.

Zhengping said Chinese investments would not only be in upstream industries, but also in downstream industries that would provide employment.

However, the Chinese official pointed out that the Philippines “needs to improve the investment environment.” He said such improvement is particularly needed in terms of foreign ownership and infrastructure.

He said that a cap on foreign ownership will not do for a long-term and strategic partner in the mining sector.

“Forty percent is not enough,” Zhengping said.

Furthermore, the Philippines “needs to build more modern infrastructure to attract new investments,” he added.