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

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

RIYADH, Saudi Arabia – President Ferdinand Marcos Jr. is set to bring home over $120 million worth of business deals from Saudi Arabia.

Marcos wooed would-be investors saying that the “Philippine economy continues its high growth trajectory” with the the gross domestic product having the "fastest growth rate recorded by the Philippines since 1976.” 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.

“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.

Source: Energy Industry News (energyindustrynews.net)

 

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