THE Philippine Economic Zone Authority (PEZA) said that it is hoping to attract Middle Eastern investors involved in the agribusiness, logistics, and economic zone (ecozone) development businesses.
In a statement over the weekend, PEZA said the new approach was the result of a meeting with the Foreign Trade Service Corps (FTSC) Middle East Team officers last month to discuss possible collaboration.
“The diversification of the Middle East away from oil to agriculture and manufacturing presents an opportunity for the Philippines to position itself as an attractive destination for more Gulf investors,” PEZA said.
“Among the sectors to be prioritized by PEZA and FTSC are agribusiness, logistics, and ecozone development,” it added.
According to PEZA Director General Tereso O. Panga, 15 Middle Eastern companies are currently registered with the investment promotion agency.
“These generated more than P600 million in investments and over 5,500 direct jobs,” he told BusinessWorld via Viber.
The Department of Trade and Industry (DTI) has said that negotiations are underway for the country’s first free trade agreement (FTA) with a Middle Eastern country — the United Arab Emirates (UAE).
Expected to be concluded by October, the Philippines-UAE Comprehensive Economic Partnership Agreement is expected to provide the Philippines access to other Gulf Cooperation Council states.
The Philippines and the UAE have concluded the first two rounds of negotiations for the FTA, while the third and fourth rounds are expected to start this month and in October, respectively.
Aside from the FTSC Middle East Team, PEZA also met with trade officers based in California, South Korea, Taipei, New York, and Toronto.
PEZA expects investment pledges of between P200 billion and P250 billion this year, with first-half approvals at P45.48 billion.
According to Mr. Panga, PEZA did not hold a board meeting last month and is scheduled to meet on Aug. 7. — Justine Irish D. Tabile
