Chambers sign sisterhood pact

• Source: http://www.sunstar.com.ph/cebu/business/2017/07/01/chambers-sign-sisterhood-pact-550492
• Saturday, July 1, 2017

(KOC)

The Cebu Chamber of Commerce and Industry (CCCI) signed Friday a sisterhood agreement with the Israel Chamber of Commerce of the Philippines (ICCP) to boost trade relations between Cebu and Israel.

“The inter-chamber alliance and cooperation is a positive strategy to boost and contribute to economic prosperity as well as trade relations between Cebu and Israel,” read the sister- chamber agreement.

The two chambers agreed to undertake efforts to promote better relations; exchange information on chamber management and development, as well as important public and private opportunities in both countries; explore ways of promoting trade and industrial cooperation and facilitate joint ventures between Cebu and Israel; and to exchange delegations and organize joint meetings to promote the development of commercial exchange.

President Melanie Ng represented CCCI, David Elefant, vice-president for external affairs, represented ICCP.

Bilateral trade between the Philippines and Israel is currently dominated by information and communications technology products.

Data from the Department of Trade and Industry showed that bilateral trade between the Philippines and Israel in 2014 amounted to $177.12 million.

Based on the data, Israel was the Philippines’s 38th biggest trading partner in that year, its 32nd export market and 40th import supplier. In terms of investments, Israelis invested P30 million in 2013, an improvement over 2012’s recorded investments of P5.96 million.

Top 10 Philippine products exported to Israel are electronics, chemicals, marine products, processed food, garments, machineries or transport equipment, furniture, carrageenan, giftware and construction materials.

The country imports products from Israel such as electronics, industrial manufactures, chemicals, machinery or transport equipment, processed food, flowers, yarns and twine, natural oils/fats and waxes, and construction materials.