30 October 2013 – Philippine Ambassador to Saudi Arabia Ezzedin H. Tago met on October 27 Saudi Arabia’s Minister of Commerce and Industry, Dr. Tawfiq. F. Al-Rabiah, at the Minister’s office in Riyadh to discuss Philippines-Saudi Arabia economic relations and promote bilateral trade and investments.
After reviewing existing trade and commercial relations and noting the increase in total trade between the two countries, both Ambassador Tago and Minister Al-Rabiah agreed on the need to further enhance and diversify economic relations between the two countries.
Philippine exports to the Kingdom of Saudi Arabia increased by approximately 37 percent from US$ 62.60 million in 2011 to US$ 85.82 million in 2012, but the balance of trade remains in favor of Saudi Arabia due to the Philippines’ importing its energy requirements from the Kingdom.
Ambassador Tago briefed Minister Al-Rabiah on the significant progress the Philippines has achieved, particularly in economic growth for 2012 and 2013 which was among the highest in East and Southeast Asia. He also noted the Philippines’ recent upgrades to investment rating from Moody’s, Standard & Poor’s and Fitch Ratings. The Ambassador likewise extended an invitation to the Minister to visit the country and sought the latter’s assistance in promoting the Philippines as an investment destination for the Saudi private sector.
Ambassador Tago stressed that the Philippines has recently extended its visa-free facility to Saudi nationals from 21 to 30 days to encourage more visitors and investors to come to the Philippines.
Some of the Philippine export products promoted by the Ambassador were halal food (fresh and processed), fresh fruits and vegetables, furniture and wood based products, garments and textiles (medium to high end), construction materials, health and beauty care products, fashion accessories, leather goods, machineries and equipment, gifts and home décor.
Ambassador Tago also invited the Kingdom to consider investing in various sectors in the Philippines, including in agriculture, construction, power and energy, tourism, mining and real estate.
Noting that a Philippine business delegation will visit Saudi Arabia on from October 30 to November 7, Ambassador Tago invited the Minister to head a business mission to the Philippines, and to participate in Public-Private-Partnership projects. These comprise traditional infrastructure projects, such as power, transportation, and water sectors, and non-traditional infrastructure and development sectors, such as information and communications technology, health, and property development.
Minister Al-Rabiah expressed support for the promotion of Philippine goods in the Kingdom and encouraged the Philippines to hold an exhibition of its diverse products.
He also expressed their wish to expand their trade with Philippines to cover non-oil exports. Minister Al-Rabiah invited Philippine contracting companies to join the bidding process for construction projects in the Kingdom.
Both officials reiterated their commitment to work together for the mutual benefit of both economies. END