Philippines seeks Middle East investment

Reading Time: 2 minutes

The government of the Philippines wants to attract more investment from the Middle East, in particular from GCC nations. A delegation from the Philippines led by Trade and Industry Secretary Gregory L. Domingo and Finance Secretary Cesar Purisima is currently touring the region to meet government representatives and to highlight investment opportunities that the Southeast Asian country offers to foreign investors.

The roadshow led the team to Dubai, Abu Dhabi, Kuwait and Qatar.

“The Philippines needs to get on radar screen of Middle East investors because they have so much investible funds. They need to get comfortable that they will get reasonable protection when they invest,” Domingo said.

Qatar and Kuwait have expressed interest to invest in the country’s various sectors including food security, property, tourism, energy and public-private partnership projects to an extent of 1.5 billion, which includes a proposed $1 billion Philippines-Qatar Joint Investments Fund, a $500 million Private Equity Kuwait KGL Philippine Infrastructure Fund, and an Abu Dhabi-based investment funds.

The Qatari investments should come in tranches depending on the availability of investible projects. Qatar has expressed desire to prioritise investments in food for reexport back to Qatar. Among the other areas identified for investment is a $6 billion mining project in southern Philippines.

According to recent figures, the 2011 bilateral trade between the two countries was worth $333 million, of which $313 million accounted for Qatar exports to the Philippines. Remittances from Filipinos in Qatar to the Philippines amounted to $300 million in 2011.


 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

Reading Time: 2 minutes

The government of the Philippines wants to attract more investment from the Middle East, in particular from GCC nations. A delegation from the Philippines led by Trade and Industry Secretary Gregory L. Domingo and Finance Secretary Cesar Purisima is currently touring the region to meet government representatives and to highlight investment opportunities that the Southeast Asian country offers to foreign investors.

The roadshow led the team to Dubai, Abu Dhabi, Kuwait and Qatar.

“The Philippines needs to get on radar screen of Middle East investors because they have so much investible funds. They need to get comfortable that they will get reasonable protection when they invest,” Domingo said.

Qatar and Kuwait have expressed interest to invest in the country’s various sectors including food security, property, tourism, energy and public-private partnership projects to an extent of 1.5 billion, which includes a proposed $1 billion Philippines-Qatar Joint Investments Fund, a $500 million Private Equity Kuwait KGL Philippine Infrastructure Fund, and an Abu Dhabi-based investment funds.

The Qatari investments should come in tranches depending on the availability of investible projects. Qatar has expressed desire to prioritise investments in food for reexport back to Qatar. Among the other areas identified for investment is a $6 billion mining project in southern Philippines.

According to recent figures, the 2011 bilateral trade between the two countries was worth $333 million, of which $313 million accounted for Qatar exports to the Philippines. Remittances from Filipinos in Qatar to the Philippines amounted to $300 million in 2011.


 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid