$470-M business deals signed during Saudi trip

RIYADH – Seven business deals worth $470 million were signed here last Wednesday in a development officials said reflected investors’ confidence in the Philippine economy.

President Duterte witnessed the signing of the agreements during a business forum attended by business leaders of Saudi Arabia and the Philippines.

“The estimated amount of investment is about $470 million. That will create 16,000 new jobs in the country,” Trade Secretary Ramon Lopez said in a press conference here.

“We look forward to a much stronger relationship with Saudi Arabia. They’re doing a lot for our citizens here and we see bright prospects,” he added.

Lopez declined to name the companies that would sign the agreements but revealed that they were into halal production, tourism, hotels, pharmacy, manufacturing, agriculture, engineering, tourism and logistics.

“It was good that the President himself is our trade and investment ambassador. Every time he talks with his counterpart, he pushes for trade and asks them to buy more of our exports and invite investors to the Philippines and to take advantage of the current economic boom we are experiencing,” Lopez said.

Trade volume between the Philippines and Saudi Arabia hit $1.12 billion in 2016. The Philippines imported $1.04 billion worth of goods, mostly petroleum and oil, from Saudi last year while Philippine exports only hit $82.46 million.

Among the Philippine products being exported to Saudi Arabia are fruits, pastries, sauces and seasonings.