The Federation of Saudi Chambers (FSC) has organized the Saudi-Philippine Business Forum with more than 60 Filipino companies, the Saudi Press Agency (SPA) reported.
Important Forum
The forum represented a perfect opportunity for Saudi investors to have a closer look at the Philippines’ plans to expand its global presence and increase its halal product offerings.
To this end, the forum focused on Philippines’ pursuit to capture $4 billion investments and its launch of branches of Saudi banks and financial institutions in the Philippines.
The event highlighted the participation of the Vice President of the Saudi Business Council for Southeast Asian Countries, Abdul Ghani, the Chargé d’Affaires of the Philippines Embassy, Rommel Romato, alongside several representatives from both countries.
Intensified Efforts
Interestingly, the Philippine government has recently provided incentives and tax facilities to investors.
Consequently, the authorities took a significant move by opening up the country’s financial system for Islamic banks.
Moreover, they made another bold stride through the development of the infrastructure for agricultural, fish, and animal products to satisfy the needs of the halal products sector.
Saudi-Philippine Investment
Clearly, several official entities and companies expressed their interest to build strategic partnerships with Saudi investors to boost the bilateral investments in the halal products and Islamic banking sectors.
Such partnerships will empower the government to strongly position the Philippines as a hub for halal markets in the Asia-Pacific region.
Significant Deal
Importantly, the forum witnessed the signing of a memorandum of understanding between the FSC and the Philippine Chamber of Commerce and Industry.
The new cooperation aims basically to foster trade and investment between the Philippines and Saudi Arabia.
The trade volume between both countries recorded approximately SAR9 billion in 2023, with current efforts to boost their cooperation and capture new trade and investment opportunities.
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