Manila [Philippines], November 24 (ANI/WAM): Ahmed Ali Al Sayegh, UAE Minister of State, and Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, have led a high-level UAE delegation to Manila, Philippines, to discover bilateral commerce and funding alternatives and facilitate private-sector collaboration in sectors of mutual curiosity.

The go to comes towards the backdrop of rising financial ties between the UAE and the Philippines, which within the first half of 2023 noticed bilateral non-oil commerce improve by 19.4 per cent to achieve USD 500 million, in comparison with the identical interval in 2022. It additionally follows the announcement to launch discussions in the direction of a Comprehensive Economic Partnership Agreement (CEPA), which can add vital impetus to bilateral commerce and funding flows.

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The two ministers have been joined within the Philippines by Mohamed Obaid Salem Alqataam Al Zaabi, UAE Ambassador to the Republic of the Philippines, and met a number of officers from the Philippine authorities together with Philippine Executive Secretary to the President, Lucas Bersamin and Secretary of the Department of Interior and Local Government Benjamin Abalos Jr, throughout which the 2 sides counseled the progressive UAE-Philippines relations.

In addition, Al Sayegh and Al Zeyoudi met Secretary of Foreign Affairs Enrique A. Manalo, Alfredo Pascual, Secretary Department of Trade and Industry (DTI), and Secretary Arsenio Balisacan of the National Economic and Development Authority, throughout which they mentioned progress made relating to the UAE-Philippines CEPA, and in the direction of the World Trade Organisation’s thirteenth Ministerial Committee that will probably be held in Abu Dhabi in February 2024.

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During talks with Alessandro O Sales, Under-Secretary for the Department of Energy (DOE), the 2 ministers reiterated the dedication of either side to deepen strategic commerce and funding relations within the power sector, whereas additionally outlining efforts to assist the targets of the upcoming United Nations Climate Conference (COP28), being held in Dubai subsequent week. Talks with Zeno Abenoja, Under-Secretary of the Department of Finance, centred on improvement towards the implementation of an Investments Protection and Promotion Agreement (BIPA), signed between the 2 nations in June 2023.

They additionally attended the UAE-Philippines Business Forum, which convened representatives of main corporations and traders from each international locations to advertise private-sector collaboration. During the occasion, Al Sayegh and Al Zeyoudi outlined the broad scope of alternatives for collaboration throughout sectors of mutual curiosity, equivalent to clear power, tourism, monetary companies transportation and logistics.

Ahmed bin Ali Al Sayegh stated the UAE-Philippines Business Forum “offers a unique opportunity for business players to engage, explore and establish pathways for joint projects and concrete actions”. He added, “The UAE and the Philippines have made significant strides in strengthening their economic and bilateral partnership, where mutual efforts have been successful in facilitating investments and collaboration in key sectors”. Noting that “the UAE continues to build growth-oriented partnerships with strategic allies across the world creating new opportunities in future industries.”

Meanwhile, Al Zeyoudi promoted the benefits and incentives provided by the UAE’s dynamic enterprise panorama to Filipino companies and traders. These embody its strategic location, world-class infrastructure and logistics capabilities, and a pro-growth regulatory and legislative surroundings.

Al Zeyoudi added, “The Philippines is a valued trade and investment partner for the UAE, sharing half a billion dollars’ worth of non-oil trade in the first half of 2023. We are like-minded nations that share an ambition to develop agile and diverse economies capable of securing long-term, sustainable growth for our people. Strategically located in Southeast Asia and rich in natural resources and hard-working talent, the Philippines is a country of substantial potential that offers a wide range of opportunities for UAE businesses – many of which we have explored during the highly productive UAE-Philippines Business Forum. It’s clear that the private sectors of both nations see many areas of collaboration and I look forward to seeing ideas and connections translate into meaningful opportunities in the near future.”

The Business Forum served to focus on the funding and cooperation alternatives in a number of sectors, together with transportation, tourism, maritime and logistics, telecommunications and finance.

Additionally, it concluded with the signing of two memoranda of understanding (MoU) between the Federation of UAE Chambers of Commerce and Industry (FCCI), signed by Abdulla Sultan Al Owais, Vice Chairman of the FCCI, Chairman of Sharjah Chamber of Industry and Commerce, and the Philippine Chamber of Commerce and Industry (PCCI), signed by its President George T Barcelon. The signings have been witnessed by Al Sayegh and Al Zeyoudi.

While within the Philippines, the delegation additionally held bilateral talks with Secretary Frederick Go, Presidential Adviser on Investment and Economic Affairs for the Republic of the Philippines and carried out a collection of website visits to main Filipino entities to determine three way partnership prospects throughout high-growth sectors.

These included two of the Philippines’ largest conglomerates JG Summit Holdings Inc and the San Miguel Corporation, along with vital infrastructure developer the Bases Conversion and Development Authority (BCDA) and utilities supplier Meralco.

Al Sayegh and Al Zeyoudi have been joined within the Philippines by a high-level UAE delegation together with Abdulla Sultan Al Owais, Vice Chairman of the FCCI, Chairman of Sharjah Chamber of Industry and Commerce, along with private and non-private sector representatives from throughout the UAE. (ANI/WAM)

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