Abu Dhabi investors keen on doing business in Philippines

MANILA, Philippines - Abu Dhabi businessmen have expressed strong interest to invest in the Philippines, according to the Center for International Trade Expositions and Missions (Citem), the export promotions arm of the Department of Trade and Industry.

Citem executive director Rosvi C. Gaetos said the board members of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) indicated clear intent to do business  in the Philippines during a recent meeting with the Philippine Business Council and the representatives of interior design and furniture export firms, hotels and real estate developers.

“The report on the OBMM (outbound business matching meeting) from our embassy in Abu Dhabi underscored the sincere intent of the ADCCI to expand the scope of joint industry cooperation, increase the trade figures and find ways to help the UAE (United Arab Emirates) investors benefit from the investment incentives in the Philippines,” Gaetos pointed out.

“Organized by the DTI and its Export Marketing Bureau, the OBMM had 10 of the Philippines’ furniture exporting firms represented at the meeting – six from Luzon and two each from the Visayas and Mindanao – all witnessing how officials from concerned government agencies were working together for their welfare,” Gaetos said.

“A major player in the regional economy of the Middle East, the United Arab Emirates is not only an oil-rich member of the Gulf Cooperation Council, but is also the region’s premier upscale tourism destination, generating huge demand for high-end furniture products that the Philippines can supply,” Gaetos stressed.

Moreover, Abu Dhabi reportedly has the bulk of UAE’s oil reserves, whose income has long been flowing into tourism, construction, technologies and other non-oil ventures.

UAE’s attribute as a strategic export marketing venue and investment source is highlighted by Citem’s forthcoming participation in the Dubai International Brand Licensing Fair on Nov. 3 and 4.