The PCCI signed a memorandum of understanding with
MNCCI during the visit of PCCI officials to Mongolia on July 31 to Aug. 6.

“The cooperation agreement outlined possible areas of cooperation between the
Philippines and Mongolia. It provides for the promotion of trade relations,
exchange of information, strengthening business contacts as well as the putting
up of a Philippine-Mongolia Business Council,” PCCI said in its statement.

The Philippine-Mongolia Business Council will outline concrete measures for the
promotion of trade relations and outline possible areas of cooperation between
the two countries.

Mongolia is primarily an agricultural and livestock based economy but it also
has extensive mineral deposits of copper, coal, tin, tungsten and gold.

The country also has a leading cashmere wool company.

The agreement was signed by PCCI Vice-Chairman for International and Trade
Affairs Oscar L. De Venecia and MNCCI Chairman Sambuu Demberel.

Meanwhile, the PCCI sent a business delegation to Taiwan to discuss the
possible expansion of trade and investments.

The delegation was composed of 19 businessmen representing the textiles,
pharmaceuticals, cosmetics, agricultural and real estate sectors.
The discussions were held from Aug. 16 to 18.

“The meeting featured plenary sessions focused on topics such as medical
tourism, agriculture and food, environment and waste management. Special
sessions on the proposed economic cooperation between Taiwan and the Philippines
and investing in the Philippines — featuring the Freeport of Bataan were
likewise presented,” PCCI said.

Members of the delegation identified possible investments in cosmetics, fabrics
and textiles and medical tourism.