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The Philippine Economic Zone Authority (PEZA) has extended full support to the Foreign Trade Service Corps(FTSC) in harnessing more investments in agribusiness, logistics, and ecozone development from the Middle East, according to a report by Malaya Business Insights.
A team from FTSC Middle East Team recently called on PEZA director-general Tereso Panga to discuss business opportunities in the region.
The diversification of the Middle East away from oil to agriculture and manufacturing presents an opportunity for the Philippines to position itself as an attractive destination for more Gulf investors.
The meeting comes after the successful round of negotiations between trade officials for the planned Philippines-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA). Slated to be the Philippines’ first free trade agreement with a Middle Eastern country, the CEPA is envisioned to further boost trade between the two countries, attract more investments from the UAE, and create more opportunities for professionals and service providers.
The Department of Trade and Industry is set to open its trade and investment promotion office in Riyadh, Saudi Arabia, augmenting the DTI offices in Dubai and Tel Aviv.l, further strengthening the country’s economic relations with the Gulf region.
The Philippines and UAE target to conclude the CEPA negotiations this year in time for the planned state visit in November in celebration of their 50 years of diplomatic relations.
The DTI sees the Philippines-UAE FTA as a good takeoff point to access the Gulf Cooperation Countries.
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