GOVPH

07 November 2013 – Philippine Embassy Charge d’ Affaires (CDA) in Kuwait Lamberto V. Monsanto led a Philippine business delegation during a call on the Deputy Director General of the Kuwait Chamber of Commerce and Industry (KCCI) Hamad J. Al Omar on October 30.  

He was accompanied during the call by First Secretary and Consul General Raul H. Dado, Dubai-based Philippine Commercial Counselor for the Middle East and Africa Paisal Abdulla and former Department of Trade and Industry (DTI) Undersecretary and now CEO of Fisher Farms, Inc. Mrs. Imelda Madarang.

The call was in conjunction with the visit to Kuwait of an 18-member Philippine Outbound Business Mission (OBM) from October 28 to 30, which was organized by the DTI’s Bureau of Export Trade Promotion (BETP) to explore markets for Philippine food, cosmetics and wellness products in the Middle East.

During the call, Mr. Monsanto updated KCCI on the current political and economic situation in the Philippines.  He underscored the country’s robust economic growth over the last two years which he attributed to the political and economic reforms being pursued by the government to ensure sustained economic growth. 

CDA Monsanto cited as proof the investment grade ratings which the country got this year from the top three investment rating agencies, Fitch, Moody’s and Standard and Poor’s. Stating that the Philippines is now the best performing economy in Asia, Mr. Monsanto said that it was an opportune time for Kuwaiti businessmen and investors to explore trade and investment opportunities in the Philippines. 

Mr. Al Omar said he was aware of the strong performance of the Philippine economy in recent years and urged the Philippines to as aggressively promote the country and its products in the region as other countries do.  He noted that Italy and many European countries send trade and investment missions to Kuwait two or three times a year which, he said, only showed how keen the competition is.

Mrs. Madarang backed up Mr. Monsanto’s view of the Philippine economy by pointing out the very high optimism among Filipino businessmen on the economic prospect of the country.  She said it is only now that Filipino businessmen and exporters are beginning to look seriously at the Middle East as a huge potential market, and that she was encouraged by the positive outcome of their business mission to the Middle East.  She added that she was one of those who early on recognized the potential of the Middle East market and that she had, in fact, led several business and trade missions to the region in the past years.

Mr. Monsanto thanked KCCI for its assistance in disseminating to its members information on the OBM, noting that many Kuwaiti companies/importers learned about the mission through KCCI.  He expressed hope for a strong partnership between the Embassy and KCCI in promoting bilateral economic and trade relations between the two countries.  He invited KCCI to send a reciprocal business and investment mission to the Philippines to promote strong links between the two countries’ business sectors.  Mr. Al Omar said his office was always open to assist the Embassy in its trade and economic promotion activities and in linking with KCCI members who Philippine companies wish to access.  The KCCI Deputy Director General said many Kuwaiti businessmen had, on their own, undertaken business trips to the Philippines in search of investment opportunities.

KCCI Deputy Director General Al Omar presented to CDA Monsanto a symbolic USB Key to Kuwait industry.  This key is usually given to prestigious friends of the Chambers. The USB Key, which contains a database on the Who’s Who in Kuwait business and a directory of 32,000 business leaders in the country, is a useful tool to successful networking and linkage with the Kuwaiti private sector. END