07 December 2012

Russia eyes closer economic ties with PHL, Subic Bay

The Russian Federation is eyeing to forge closer economic ties with the Philippines and the Subic Bay Freeport in particular, as it sets its sight on wider trade with countries in the Asia-Pacific region.

Russian Ambassador Nikolay Kudashev, who visited this free port recently, told officials of the Subic Bay Metropolitan Authority (SBMA) that Russia seeks to forge more bilateral trade agreements with the Philippines.

“Right now there is much focus in the Asia-Pacific region in terms of economic growth and stability and we wanted to take advantage of that,” he told SBMA chairman and administrator Roberto Garcia during a meeting here on November 28.

He also said that they are looking at joint activities with Subic in terms of disaster-response management.

Kudashev, who was on his first visit to the Freeport, was accompanied by other Russian officials and some businessmen.

They received a warm welcome from Garcia, who gave them an overview of the developments in the Subic Freeport today and briefed them on the Freeport’s land area, lease rates, and tax incentives given to investors.

Garcia also pointed out that Subic is one of the top tourist destinations in the country, with both locals and foreigners trooping to the Freeport during weekends.

Likewise, Garcia expressed hope for some future partnership with Russia, saying it would be a great opportunity for Subic in terms of economic development and international relations. (FMD/MPD-SBMA)

Russian Ambassador Nikolay Kudashev (left) discusses developments in the Subic Bay Freeport with SBMA Chairman Roberto V. Garcia during a visit to Subic recently.