Dutertenomics in Middle East: $1.925 billion investments forthcoming

  • Sumo

by Ramon Lopez, DTI Secretary

Photo by Manila Bulletin News

All socio economic programs and gains can be referred to what we call Dutertenomics. Pushing for a better quality of life for the Filipinos, addressing inequalities, creating more jobs and income opportunities thru increased trade and investments.

For the Middle East visit:
• Strengthened ties with each leader of the 3 countries
• Bilateral cooperation to enhance trade and investments

KINGDOM OF SAUDI ARABIA B2B signing of LOIs:
• Total value $469mn. 
• To create 16T new jobs. 
• In 7 projects (Pharma / generics, Property dev, Medical tourism, Ports warehouses, Agri industrial ecozone, Tourism, Fine dining chains, Halal food processing industry ecozone)

BAHRAIN

Conducted Business investment Forum:
• $250 Mn investment MOU signed between AMA group and Ebrahim.
• Company: Bahrain harvest – Operating 500 has. 2,000 jobs to expand to 10,000
• 3,500 new jobs to 40,000 jobs in 3-5 years
once fully operational 
• $280 mn export value per year
• 560MT agri produce per year (Banana pineapple monggo lentils etc.)

QATAR

Conducted BUSINESS CHAMBER FORUM
PEZA – B2B Qatar investments LOIs signed:
• Number of projects around 13
• Total Amount at US$206M
• Job generation at 5,770 workers

Nature of projects on various industries :
• Retirement village/hotel/ tourism ecozone (Romblon, Davao or Cebu)
• IT & Ecozone management services
• Hospitals/Medical toursim
• Poultry/Halal food processing
• Digital marketing
• Manufacture of coco peat/coco fiber (south cotabato)
• manufacture & export facility of nanostructured carbon
• agro-infustrial econ zone (Palawan)13 projects

On the Investment Protection and Promotion Agreement IPPA with Qatar:
• Basically provides internationally recognized investors rights and safeguards
• Qatar investors will be treated fairly, and will not be disadvantaged.
• Will facilitate identification of opportunities and entry of investments
• Will facilitate US$1B investment facility from Qatar sovereign Fund
• For developmental projects such as agri industrial projects and infra in Mindanao.

In total, President Duterte is bringing home $925 million worth of investments from his weeklong journey in the Middle East, apart from the repatriation of 150 Filipino workers granted amnesty from Saudi Arabia and 26,000 new jobs.

Another $1 billion worth of sovereign investment fund from Qatar is also forthcoming as part of the investment protection and promotion agreement with the tiny energy-rich emirate.

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Source: Facebook | Eric Clark Su and Manila Bulletin
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