THE Philippine business delegation signed an investment agreement worth more than $4.26 billion with Saudi business leaders on Thursday.
The said deal was signed on the sidelines of the presence of President Ferdinand R. Marcos, Jr. at the Association of Southeast Asian Nations-Gulf Cooperation Council or ASEAN G.C.C Summit in Saudi Arabia.
In the roundtable meeting with business leaders, President Marcos said that more than 15,000 Filipinos will benefit from the said agreement as there will be more job opportunities in the construction industry and human resource services.
Marcos also assured the business community that the Philippines will remain steadfast in its commitment to continue supporting current and prospective Saudi investors.
President Marcos also emphasized that the Philippine government has amended existing laws to further open its economy to foreign investments.
The president hailed the timely meeting as the Philippine economy continues to grow with its gross domestic product at 7.6 percent in 2022, which is the fastest growth rate recorded since 1976.
Furthermore, Marcos announced that the country posted $9.2 billion in net inflows of foreign direct investments in 2022.
Meanwhile, President Marcos met with several Arab businessmen through a roundtable meeting organized by the Department of Trade and Industry (DTI) and the Saudi Ministry of Investment led by Minister Khalid Al-Falih.
Trade and Industry Secretary Alfredo Pascual in an interview highlighted the importance of the meeting between the President and Saudi Arabian investors as it promotes more foreign investment opportunities in the Philippines.
He said the health sector, agriculture, energy security, and others were also discussed.
The Presidential Adviser on Investments and Economic Affairs, Secretary Frederick Go also shared his view at the roundtable meeting held by President Marcos Jr. with Saudi Arabia’s top business leaders.
Secretary Go emphasized the importance of signing the Memorandum of Understanding between E.E.I. Corporation of the Philippines and Samsung Engineering N.E.C. Corporation Limited.
According to Go, the signing of the said deal will pave the way for the construction of a 500-person training facility in Tanza, Cavite that will create more employment opportunities for Filipinos.
To recall, this year’s ASEAN-GCC summit aims to intensify the cooperation between the two regional organizations as well as discuss the current developments in the Middle East.
