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Marcos to bring home $120-M deals from Saudi Arabia

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Raphael Bosano, ABS-CBN News

<figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2849886" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p><br/>RIYADH, Saudi Arabia – President Ferdinand Marcos Jr. is set to bring home over $120 million worth of business deals from Saudi Arabia. </p><p>Marcos left for Riyadh to attend the inaugural Association of Southeast Asian Nations and Gulf Cooperation Council Summit.</p><p>“With an estimated value of over USD 120 million, the agreements that will be signed today are set to benefit more than 15,000 Filipinos in training and employment opportunities across a wide range of professions in the construction industry,” he said.</p><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Presidential Communications Office" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/tvpatrol/10/20/marcos.jpg"/><figcaption><em>Presidential Communications Office</em></figcaption></figure></div><p>Marcos wooed would-be investors saying that the “Philippine economy continues its high growth trajectory” with the the gross domestic product having the &quot;fastest growth rate recorded by the Philippines since 1976.”</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/09/13/22/ofw-deployment-sa-saudi-arabia-sisimulan-muli-sa-nob-7">Deployment ng mga OFW sa Saudi Arabia, sisimulan na ulit sa Nobyembre 7</a></li></ul><p>“I assure you that the Philippine government is steadfast in its commitment to continuously support current and prospective Saudi investors.”</p><p>“To our current and future business partners, I hope that this meeting has served as an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia,” he added.</p><p>Marcos also highlighted legislative amendments in order to further open the economy to foreign investment. Among these are the Foreign Investments Act, the Retaill Trade Liberalization Act, Public Services Act and the Renewable Energy Act which aim to attract investments in vital sectors like telecommunications, port, operations, transportation and clean energy.</p><p>It is important, according to the president, to explore new businesses following a pandemic economy to strengthen trade, telecommunications, energy and even agriculture.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/news/10/19/23/marcos-jr-haharap-sa-filipino-community-ng-saudi-arabia">Marcos Jr. haharap sa Filipino community ng Saudi Arabia</a></li></ul><p>Khalid Al-Falih, Saudi Arabia’s Minister of Investments for his part said they are “excited about the future partnership between our two nations.”</p><p>The official said that they are open to discussing and collaborating on various sectors including energy and chemicals, industry and logistics, tourism and agriculture.</p><p>“In Saudi Arabia we are looking to expand agri sector and strengthen food security. Here we have several national champions in food security and agriculture to improve the yield of agriculture sector, food processing and manufacturing logistics and the export potential,” he said.</p><p>Also present during the meeting were leaders in the labor and human resource and development sector. The oil-rich country is home to the largest number of Overseas Filipino Workers among the GCC countries.</p><p>“We are fortunate to have leaders from this sector, human resource attraction and development with us, who are already investing and growing the kingdom’s healthcare sector where there will be considerable demands for skilled labor,” Al-Falih said.</p><p>Al-Falih adds that they see the Philippines not just a rapidly growing country but even more so as a bridge to the ASEAN and the rest of Asia.</p><p>Both countries are celebrating 54 years of bilateral relations.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2849694" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

It is important, according to the president, to explore new businesses following a pandemic economy to strengthen trade, telecommunications, energy and even agriculture.

Marcos to bring home $120-M deals from Saudi Arabia

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Marcos to bring home $120-M deals from Saudi Arabia

Raphael Bosano,

ABS-CBN News

Published October 20, 2023 08:29 AM PHT

|

Updated October 24, 2023 11:29 AM PHT

Read More:

Ferdinand Marcos Jr abroad

ASEAN-GCC Summit

President Ferdinand Marcos Jr.

Saudi Arabia

Minister of Investment

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