XIAN, China: A transnational business confederation has expressed interest in investing in the Philippines.
“We hope to get some projects to fund in the Philippines,” Lu Jianzhong, chairman of the Silk Road Chamber of International Commerce (SRCIC), told visiting reporters.
Lu said the SRIC had set up a fund of about $7 billion or 50 billion reminbi to invest in projects—particularly in tourism, culture and the environment — in member countries including the Philippines.
Of the total investible funds, 10 billion renminbi will be prioritized for Association of Southeast Asian Nations and Belt and Road economies.
The SRCIC, Lu said, is ready to partner with a local company through joint ventures as long as the project passes the confederation’s evaluation.
The SRCIC is mainly composed of the national commercial associations of the Silk Road counties. It currently has 90 members from 75 countries.
The confederation has so far set up eight professional committees covering trade, finance, culture, transportation, energy, information, industrial parks, and standards and brand.
It is headquartered in Hong Kong, its secretariat is in Xian and has representatives in Beijing and Shanghai.
Since its establishment in December 2015, the SRCIC has hosted eight major conferences and over 30 international visits and road shows.
This year’s Silk Road Business Summit will be held from October 16-17 in Zhangjiajie, the northwestern part of China’s Hunan province.