At the sidelines of the Association of Southeast Asian Nations (ASEAN) – Gulf Cooperation Council (GCC) Summit, officials from the Philippines and the Kingdom of Saudi Arabia came together on October 19 at a pivotal roundtable meeting, in a significant move towards deepening economic cooperation.
President Ferdinand R. Marcos Jr. led the meeting, with the participation of Saudi economic ministers and influential Saudi business leaders from diverse sectors, including banking, finance, manufacturing, logistics, energy, petrochemicals, agriculture, and healthcare.
In his opening remarks, Department of Trade and Industry (DTI) Secretary Alfredo Pascual provided an overview of the Philippine economy, and emphasized the government’s commitment to creating a conducive environment for foreign investments.
Highlighting the factors making the country attractive to foreign investors, Secretary Pascual said, “Nestled in the vibrant heart of Southeast Asia, the Philippines is blessed with abundant natural resources and a young and dynamic workforce. We have a large domestic market, given a population of 117 million.”
He added, “The Philippines is at the turning point of a transformative journey. As we champion economic inclusivity and propel ourselves forward, we are molding the Philippines into the prime investment destination.”
In his keynote address, President Marcos encouraged the Saudi business community to explore investment opportunities beyond traditional manpower services. He emphasized collaboration between the government and the private sector is integral to achieving mutual growth and a brighter future for both nations.
For his part, Minister Khalid Al-Falih of the Saudi Ministry of Investment (MISA) acknowledged the significant investment potential in renewable energy, agriculture, and the Maharlika Investment Fund. He urged Saudi firms to engage with the Philippines and seize these opportunities.
Minister Al-Falih also praised the Philippines’ strong economic growth prospects under President Marcos, attributing this success to the renowned work ethic, English proficiency, tech-savviness, and service-oriented nature of Filipino talent.
In his closing, Secretary Pascual stressed, “The Philippines is open for business, and I invite you to partner with us. Together, let us make it happen in the Philippines.”
The event was organized by the DTI through its Philippine Trade and Investment Center (PTIC) in Dubai, and the MISA.
