TAGUIG CITY–On 24 November 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual affirmed the strong bilateral trade relations between the Philippines and the United Arab Emirates (UAE) during the bilateral trade meeting with the UAE officials held at the Shangri-La, BGC. The DTI chief welcomed the high-level ministerial delegations from the UAE led by Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Minister of State Ahmed bin Ali Al Sayegh to discuss potential collaboration and partnership in priority sectors including clean energy, infrastructure and health care.
Secretary Pascual said, “This meeting is a testament to our shared commitment of strengthening economic ties between our nations. On the part of the Philippines, we are encouraging UAE firms to explore the conducive business environment in the country as we envision to achieve mutual economic growth.”
The trade and industry chief highlighted the Philippines’ growing appeal as an investment destination and outlined broad opportunities for collaboration across various sectors to further strengthen economic and bilateral partnership between both countries. He cited the strength of the growing economic ties between the UAE and the Philippines wherein bilateral non-oil trade increased by 19.4 percent in the first half of 2023, reaching USD 500 million compared to the same period in 2022.
Secretary Pascual also highlighted the Philippines pursuit of boosting its halal economy aimed to grow trade and investments with the Organization of Islamic Cooperation (OIC) countries, which the UAE is a part of. He also added the strength of the Philippines to accommodate investments in mutual interest sectors, such as renewable energy, tourism, financial services, transportation, and logistics.
Highlighting the country’s vision of stronger economic ties with the UAE, the DTI chief emphasized, “The current administration is keen in its goal of positioning the Philippines as a prime destination of foreign investments, particularly in addressing climate change. We look forward to our partnership with the UAE government and private firms in ensuring a sustainable and resilient future for both our nations.” ♦
Date release: 25 November 2023
