Philipine Vice-President Binay to Lead Business Delegation to Malaysia From Monday

KUALA LUMPUR, May 25 (Bernama) -- Philippine Vice-President Jejomar C. Binay will make a two-day working visit to Malaysia begining Monday to boost bilateral economic ties. This is the first high level visit from the Philippines since 2007, the Malaysia External Trade Development Corporation (MATRADE) said in a statement Friday. He will be leading a 35-member delegation comprising businessmen and officials to promote investment into the Philippines. According to the Department of Foreign Affairs of the Philippines, Binay has been invited to be the guest of honour and keynote speaker at the Philippines-Malaysia Investment Partnership Forum on May 29. He would also pay a courtesy call on former Prime Minister Dr. Mahathir Mohamad. During the course of the visit, the Vice President will also interact with Chief Scout Dr. Shafie Mohd Saleh and the members of the Scouts Association of Malaysia, in his capacity as National President of the Boy Scouts of the Philippines, and concurrently as chairman of Asia-Pacific Regional Scout Committee of the World Organisation of Scout Movement, the umbrella organisation of all scout organisations in the world. He will take time to meet and interact with the Filipino community at the embassy premises, as well as inaugurate the newly-renovated chancery building. "The Philippines and Malaysia are next-door neighbours and Asean partners. It is important that the national leaders of the two countries interact as frequently as possible, in order to fully tap the various potentials in the bilateral relations, starting with two-way trade and investments," Philippine Ambassador to Malaysia J. Eduardo Malaya, was quoted as saying in the statement issued by the Foreign Affairs Department. The investment forum, which is co-organised by the Embassy, the Asian Institute of Management (AIM) Alumni Association of Malaysia (AIM Club) and the Asian Strategy & Leadership Institute (ASLI), will bring together various business leaders from the Philippines and Malaysia to exchange ideas how to further enhance economic and investment partnership. Business guru and AIM founder Washington Sycip will give a lecture to formally inaugurate the Professor Gabby Mendoza Management Lecture Series. Identified priority sectors to be taken up at the investment forum include tourism and tourism infrastructure, mass housing, real estate development, business process outsourcing/information technology (BPO/IT) services, logistics and supply chain, transportation, Islamic banking, finance, energy, electricity, and agro-business. Apart from being the second-highest official of the Philippines, Binay is also the chairman of the Philippine Housing and Urban Development Coordinating Council and Presidential Adviser on Overseas Filipino Workers' Affairs. The Philippines and Malaysia are experiencing a surge in two-way investments, as evidenced by the recent joint venture between PLDT Global and Axiata Corporation, investment of CIMB Bank in Bank of Commerce worth some RM1 billion, the expansion of operations of MTD Corporation and Genting Resorts World in the Philippines, as well as the entry of San Miguel Corporation in Esso Malaysia Bhd through investments worth at least US$610 million. In 2011, Malaysia was the Philippines' ninth largest trading partner, with total trade amounting to US$3.7 billion, while it was the Philippines' 11th largest export and eight largest import market. Total Philippine exports to Malaysia in 2011 were valued at US$1 billion, while imports from Malaysia during the same year amounted to US$2.6 billion. -- BERNAMA