MANILA — A Russian company is looking into putting up its first manufacturing facility in the Philippines after meeting officials from the Board of Investments (BOI).
Department of Trade and Industry (DTI) Secretary Ramon Lopez said Moscow-based BT SVAP LLC visited the BOI last Wednesday, wherein the Russian firm discussed its intention to locate in the Philippines.
Lopez said BT SVAP is involved in pipeline coating for industrial uses.
It also develops and implements innovative solutions for industrial production and construction of pipeline system for industry, energy sector, and housing and utilities infrastructure.
“They are the biggest in Russia in terms of this technology for pipeline coating,” Lopez said.
The DTI chief added that the Russian firm targets to locate its first facility in Mariveles, Bataan, with the accessibility of the area to the port.
He said the planned investment of BT SVAP will also involve exporting its products to other Asian countries, particularly supplying to energy projects within Southeast Asia.
The Russian company has no existing production facility in other Asian countries. BT SVAP has its sole satellite office in Malaysia.
“This could be a pioneer technology in the country. Apart from investments, sharing of technological know-how, and employment generation, this will also open opportunities for our domestic market and export industry,” Lopez said.
BT SVAP was among the Russian businesses met by Lopez and other trade officials on the sidelines of the visit of President Rodrigo Duterte in Moscow in May this year.
With the interest of Russian businesses in the Philippine market, the trade chief said this means that the country is diversifying in terms of sources of investments.
Aside from BT SVAP, the country’s largest steel manufacturer Steel Asia is in talks with a Russian firm for future projects here. (PNA)