The Market Monitor Minding the Nation's Business
By Weng C. Ocfemia
At least 30 businessmen representing various construction-related companies in China recently met with officials of the Departments of Public Works and Highways, Trade and Industry, and Transportation to explore the possibility of making construction-related investments in the Philippines.
The first-ever construction delegation from China to visit Manila are the representatives of China Zhongxin Construction Group Co. Ltd., China Construction Group Co. Ltd., Nantong Hua Xin Construction Engineering Group Co. Ltd., China No. 3 Construction Group Co. Ltd., China Qidong Construction Group Co. Ltd., China Zhengfang Foundation Project Co. Ltd., Installation Engineering Co. Ltd.; China Longxin Construction Group Co. Ltd. Overseas Branch, China Hua Xin Construction Engineering Group Co. Ltd.; International Engineering Division of China Zhongnan Construction Industry Group Co. Ltd., China Jiangzhong Group Co. Ltd., China Chang Qing Construction, and China Tong Zhou Construction General Contracting Group.
According to China-Asean Business Council Executive President Ningning Xu, these companies are the best in the field of construction in China, some of which have implemented big-ticket infrastructure projects, like the Beijing National Stadium, known as the “Bird’s Nest”, which was used during the 2008 Summer Olympics.
The companies are interested to put their money in infrastructure, including the supply of materials and implementation of construction projects. Each company has a capital of at least $1 billion.
Based on data made available to reporters by the China’s Ministry of Commerce disclosed that Chinese foreign direct investments (FDI) in the Philippines in 2013 only reached $692 million, while Chinese FDI inflows in other Asean countries were higher in the same year, such as Singapore with $14.75 billion, Indonesia with $4.66 billion, Myanmar with $3.57 billion, Cambodia with $2.85 billion, Lao PDR with $2.77 billion, Thailand with $2.47 billion, and Malaysia with $1.67 billion.