Philippines Minister of Trade Praises Agreement on Mutual Promotion and Protection of Investment

Philippines Minister of Trade and Industry, Ramon Lopez, said on Sunday that the Agreement on Mutual Promotion and Protection of Investment signed during President Rodrigo Douterti's visit official visit to Qatar would open the doors to large amounts of investment in both directions and provide Qatari investors with the appropriate climate to invest in confidence in his country.
In a statement to Qatar News Agency (QNA) held on the sidelines of the Qatari-Philippine Business Forum, Lopez said the Philippines, which currently hosts large investments from a number of countries around the world, will provide guarantees for Qatari investments.
In terms of areas of investment in the Philippines, he said many Qatari investors have entered into discussions with their Filipino counterparts to seek potential partnerships in activities such as economic zone development and other types of business and investments relating to tourism, real estate development, and agriculture sectors.
Investment in the Philippines would bring the annual average growth rate to 6.8% annually, especially in the manufacturing industry, which has grown on the average by 8% and plays a significant role as an engine of growth and employment creation, he said.
These are all key factors for investors in Philippines, he stressed On Philippine investments in Qatar, the Minister of Trade and Industry said that a number Filipinos invest in construction, real estate development and transportation sectors in Qatar, adding that many of them also work as engineers in Qatari and Filipino companies operating in Doha.
The Philippines-Qatar Business Forum held yesterday in the presence of President Rodrigo Douterti was an opportunity review investment opportunities and guarantees offered to Qatari investors in the Philippines, Lopez went on saying.
The Filipino Minister pointed out that the volume of trade between the two countries has not yet reached the required level, stressing in this regard the need to boost Trade relations.
The Philippines-Qatar Business Forum provided President Deuteri with the opportunity to address Qatari businessmen and brief them on the latest economic developments in the Philippines along with the ongoing economic plans and economic reforms, Lopez said. 
On the other hand, Director General of Philippine Economic Zone Authority (PEZA) Charito Plaza said she wishes to expand existing partnerships between businessmen from both countries.Plaza described Qatar's investors' interest as very positive, especially that President Duterte thrives to make Philippine the second strongest economy in Asia, hence working on protecting the foreign investor and combat administrative corruption in the country. 
She said Qatari investors expressed their interest in the Philippines yesterday, where they announced investing $206 million (nearly QR752 million) in industrial areas that focus on manufacturing, processing, refineries, medical field, tourism and industrial defense. Plaza said that the most important investments in her country focus on agriculture, halal food and tourism, adding that some investors are leasing land to establish touristic cities and destinations. 
The Philippines, which exports some agriculture products to Qatar, holds a strategical location in the heart of the Pacific Ocean which makes it a suitable location for the distribution of goods.The Philippines also provides young labors with the world's highest literacy rate, Plaza concluded. 

Source: QNA