Doha:A leading Chinese timepiece manufacturer and a prominent baked goods producer are setting their sights on capturing a larger share of the Philippine market, reflecting their strong confidence in the country's potential as one of Southeast Asia's fast-growing emerging economies.

According to Philippines News Agency, Shao Yueming, chief executive officer of Zhangzhou Hengli Electronic Co., Ltd., disclosed that his company has signed a Letter of Intent (LOI) for cooperation with the Authority of the Freeport Area of Bataan (AFAB) to explore and develop potential projects in the economic zone.

While Zhangzhou Hengli already sells products to the Philippines, the actual investment project has not started yet, and specific details are still under discussion. Shao views the venture as a complementary advantage, emphasizing the opportunity to better enter the Philippine market through the freeport with their high-quality products.

Zhangzhou Hengli specializes in clocks, watches, and intelligent electronic products. The signing of the LOI is seen as a 'win-win' cooperation that can promote economic and trade benefits, potentially increasing local employment. Shao expressed confidence in the future, particularly noting the appeal of their products to young people in the emerging Southeast Asian market and the enhanced accessibility through e-commerce and cross-border trade.

Meanwhile, Ranli Food Group Co., Ltd., another major player, is also looking to expand its market in the Philippines. Lan Shaowei, marketing director at Ranli Food Group, indicated the company's intention to invite more Philippine partners for further cooperation, aiming to sell more products in the region.

Ranli Food Group plans to utilize multiple distribution networks, including retail shops, traditional markets, convenience stores, and e-commerce, to enter the Philippine market more effectively.