PRAGUE: On the last day of President Ferdinand Marcos Jr.'s state visit, the Philippines and Czech Republic signed three agreements aimed at promoting trade and investment between the two nations.
Marcos and Czech President Petr Pavel witnessed the signing during the Philippines-Czech Business Forum at Czernin Palace in Prague.
Among the agreements signed was the memorandum of understanding (MoU) on cooperation between the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) and Electrical and Electronic Association of the Czech Republic (ELA).
Under the deal, SEIPI and ELA will establish a long-term collaborative relationship in the field of electronics that would include participation in the global network of leading technology and innovation centers or engagement of small and midsized companies.
The IT and Business Process Association of the Philippines, Inc. (IBPAP) and the Confederation of Industry of the Czech Republic (SPCR) also signed an Agreement of Mutual Cooperation to promote commercial and industrial relations.
The cooperation deal between the IBPAP and SPCR covers exchange of better practices on policy and regulations; development and promotion of information technology (IT) competencies; and certification or facilitation of responsible implementation of artificial intelligence.
Also signed was the Agreement of Mutual Cooperation between the Philippine Chamber of Commerce and Industry (PCCI) and the SPCR to promote trade and investment between the Philippines and the Czech Republic.
There will be exchanges of trade missions, organization of trade and investment seminars, and exchange of market information between the PCCI and the SPCR.
In his speech, Marcos said the signed MoUs unlocked the vast potential in the business partnership between the Philippines and the Czech Republic.
"These agreements are not just documents. They are a commitment to unlocking the vast potential that lies in our partnership, especially in the semiconductor and IT-BPM sectors," Marcos told the Czech business leaders.
For his part, Pavel said he hoped the forum will bring the Philippines and the Czech Republic closer when it comes to interests in business opportunities.
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