https://arab.news/mw8f7
- Philippines is currently in negotiations for a free-trade agreement with the UAE
- Manila seeks Gulf investment in food processing, pharmaceuticals, renewable energy
Manila: The Philippines is prioritizing efforts to attract investors from the Gulf region, the Philippine Economic Zone Authority said on Monday, as Manila seeks to diversify its investment partners.
PEZA, an agency under the Department of Trade and Industry, has been working to attract Gulf investors as part of a broader economic growth strategy, and to increase cooperation with more partner nations beyond the US and Japan.
The Philippines is seeking Gulf investments in various fields, including food processing, pharmaceuticals and renewable energy, PEZA’s Director-General Tereso Panga said on Monday.
“For investments coming from the Middle East, especially UAE and even Saudi (Arabia), we are looking at food processing, agro-based industries, renewable energy development.
“And there’s also a potential to bring some pharmaceutical companies into the Philippines from those countries,” Panga said. “We will continue our investment promotions in the Middle East … It’s a priority.”
The DTI’s Secretary Cristina Roque previously said that UAE investors were looking to invest PHP25 billion ($425 million) in the Philippines, including on ports development, following her visit to the Gulf nation in October.
The Philippines sees an opportunity “to position itself as an attractive destination for more Gulf investors” as Middle East nations diversify away from oil to agriculture and manufacturing, PEZA said in a statement.
Manila has been in negotiations for a Comprehensive Economic Partnership Agreement with the UAE since the beginning of this year. Once finalized, it will be the Philippines’ first free-trade pact with a Gulf nation.