$925 million, that’s how much President Rodrigo Roa Duterte in total prospective investments brought back in the country after his three-nation swing (Saudi Arabia, Bahrain, and Qatar) in the Middle East last Holy week.
|President Rodrigo Roa Duterte brought home $925 million prospective investment for the country from his three-nation swing in the Middle East(photo by :Presidential Communications)|
The breakdown of investments are as follows:
Saudi Arabia- USD469 million with respect to pharmaceutical, medical tourism, property development, ports warehouses, agri-industrial economic zone, tourism, and halal food processing.
Bahrain- USD250 million, agreement signed between Nader &Ebrahim Sons of Hassa Company WLL and AMA Group Holdings Corp., which will be expanding in the next three to five years 10,000 hectares of agricultural land in Davao. All of which are geared for the increase of banana, pineapples all geared for the export market. Target is to produce atleast 560 metric tons per year with a value of USD280million.
Qatar- USD206 million with respect to the creation of a retirement village (in Romblon,and Cebu), information and technology economic zone, medical tourism, poultry, halal food processing, digital marketing, manufacturing of coco fiber in South Cotabato, manufacturing and export of nanostructured carbon, and agro-industrial economic zone in Palawan.
Apart from these commitments, the country is set to sign an Investment Promotion and Protection Agreement (IPPA) with Qatar to facilitate a $1 billion investment facility from Qatar’s sovereign wealth fund which will be used for developmental projects such as agriculture and infrastructure projects in Mindanao.
“On the IPPA we will sign with Qatar, it will basically provide internationally recognized investors rights and safeguards,” Trade Secretary Ramon Lopez, part of the President’s delegation.
“Qatar investors will not be disadvantaged and it will facilitate identification of opportunities and entry of investments,” he added.
The Trade Secretary is expecting 26,000 jobs will be generated from all of these investments.
All in all, Lopez said the Middle East visit allowed the country to enhance bilateral cooperation with Saudi Arabia, Bahrain, and Qatar through more trade and investments.
One of the highlights of the the three-nation swing is the President promised of military support for the three countries.
In Saudi, his military support was in general terms,saying that the Philippines is a “loyal friend” of the Kingdom.
In Manama, capital of Bahrain in a business meeting “I said that if you [the Bahrain government]need us, you just call and if you want, if things break loose, I hope [they]will not, I pray to God that [they]will remain fundamentally on the side of the Middle East this time. But [if]there’s a violent activity going on… we are ready to help you” President said.
In Doha, Qatar, the President committed troops from the Armed Forces of the Philippines to ““protect and defend” Qatar, a “hereditary monarchy.”
All statements of the President re the sending of Filipino troops in the Middle East region has been clarified by his National Security Adviser – “ no military operational deployment” in the Middle East partly because the country is a member of the Coalition of Maritime Forces (CMF).
We send observers to that,” he said of the CMF, which is composed of 31 countries, including the Philippines.