RP, Libya to hike trade, investments

The Philippines and Libya are hoping to increase the currently insignificant trade and investments between the two countries following the recent State Visit of President Arroyo to Libya last July 16 to 18.

According to Trade Undersecretary and concurrent Board of Investments (BOI) managing head Elmer C. Hernandez, who accompanied President Arroyo, Libya expressed interest to import processed foods from the Philippines and hire Filipino workers for the construction and health care sector.

Philippine businessmen led by Philippine Chamber of Commerce and Industry (PCCI) president Donald Dee were part of the Philippine delegation.

The Philippine business delegation met with members of the Libyan Union Chambers of Commerce, Industry and Agriculture (LUCCIA).

During the meeting between the Philippine delegation and LUCCIA members, Hernandez related, there were talks about possible investments in housing, tourism, furniture manufacturing, construction, labor and food products including marine products.

The Libyans, Hernandez said, expressed their desire to hire Filipino construction workers and health care workers.

The Philippine delegation, Hernandez said, urged Libya to invest in hospitals in the Philippines to serve as training ground for Filipino nurses who would eventually be sent to Libya.

Likewise, the Philippine delegation urged Libya to invest in tourism facilities which could also serve as training ground for hospitality workers.

Libya, however, indicated that it would prefer to send Libyan tourists to the Philippines.

As a result of the meeting, there was a proposal to create a Philippine-Libyan Business Council and Libyan-Philippine Business Council as a first step towards more business interaction between the two countries.

A memorandum of agreement (MOA) was also signed between the PCCI and LUCCIA to promote, strengthen and expand trade, economic, scientific, technological cooperation and business relations between the two organizations.