China has assigned an investment expert to Manila, making the Philippines the first country in the world to have a resident Chinese investment adviser, according to the Department of Foreign Affairs (DFA).
In a statement, the DFA on Tuesday announced that Zhang Moyi, who is with the Chinese Ministry of Commerce (MOC), “will be assigned to the Board of Investments (BOI) beginning April as an adviser for Chinese businesses wishing to invest in the Philippines.”
Zhang’s assignment was the “result of an agreement between the BOI and the MOC that was signed during President Benigno Aquino III’s state visit to China last year.”
“The agreement provides for the secondment of a Chinese official from the Ministry of Commerce to Manila to promote the Philippines as an investment destination for Chinese businesses,” said the DFA.
According to the foreign office, “the past few years have seen a growth in Chinese enterprises going overseas, searching for investment opportunities either through mergers and acquisitions and equity investments upon the encouragement and support of the Chinese government.”
“As a move to strengthen and develop the international position of Chinese enterprises as they compete in the international market, Chinese firms’ overseas initiatives are also seen to help China manage its huge amount of reserves through productive overseas investments,” the DFA said.
During his trip to China in September, Mr. Aquino urged Chinese business leaders to invest in the Philippines, assuring them of a level playing field.
The President told the businessmen the “biggest challenge between the Philippines under my administration and under the previous government is a change in mindset.”
He emphasized that his administration would not take short-cuts in order to close deals and that the proper procedures would be followed.