Saudi investors commit SR1.77bn to Philippines

RIYADH — Charito Plaza, the DG of the Philippine Economic Zone Authority, PEZA informed that 7 investment -Letters of Intent (LOI) have been signed with Saudi companies and was witnessed by Ramon M. Lopez , the Secretary of Trade and Industry, Government of Philippines; Eng. Mansour Al Shattry, Deputy Chairman RCCI; and Eng Hamad Al Showair, Board Member RCCI. Investments worth SR1.77 billion was committed, that included the construction, infrastructure and airports and industries like pharmaceutical, agricultural & halal food production, hotel and electronics.

Ms. Plaza thanked the initial investors and would like to welcome more. She told Saudi Gazette that AESI signed the LOI and MOU with PEZA committing SR563 million as initial investment, thus becoming the largest investor so far.

Amir Qayyum, Business Development Director, speaking to Saudi Gazette, said «AESI will support Philippine President Duterte›s ‹Philippine Development Plan 2017-2022› and intends to implement a range of big ticket projects like airport, seaports, energy, railways, and real estate and thus strengthening Philippine-Saudi economic ties.»

Duterte and his delegation visited the Riyadh Chamber of Commerce & Industry last April 12 and is keen to improve business and trade environment with Saudi Arabia.

Duterte, in his speech before the Riyadh Chamber of Commerce and Industry, said “we need investments in my country, and if you may want to go there and invest, we can give you the best place and best advice to go about earning in my country.”

He further said “I would also like to confer with you from my officials, the Cabinet members, of— you might be interested to invest in whether it’s a— The economy of the Philippines is really agriculture based. And so the greatest promise of trade would really be food, and we are expanding our halal industry.”

“We hope that someday our products will find their way in that is acceptable by your standards. We will comply with all the requirements of your importations. There is no doubt about it. We continue also to export the only resource that we have now is the human resource,” he remarked.

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