By Kris M. Crismundo
MANILA, Feb 25 (PNA) — The United Arab Emirates (UAE) is interested for stronger bilateral trade relation with Philippines as its Minister of Economy Sultan Saeed Al Mansouri brought high-ranking delegations in the country for Philippines-UAE Business Forum Tuesday.
Al Mansouri engaged Philippines to plan with UAE to grow trade between them by exploring opportunities in their business communities.
He cited that in 2012, two-way trade between Philippines and UAE was valued at US$ 515 million. Exports from Philippines to UAE posted at US$ 380 million while imports to Philippines stood at US$ 135 million.
He mentioned that Philippines has ensured UAE stable supply of food such as fruits, meat, and fish products among others.
”The UAE also exposed to the Philippines had allowed us to widen the scope of our primary manufacture sector for products such as aluminum, mineral fuels and mineral oils, distillation equipment, (and) petrochemical substances,” the UAE Minister of Economy added.
”I think we can do much more… We need to have a plan. We need to really understand each other better in terms of how we can do business, how you can also attract investments in to the Philippines,” he stressed.
Moreover, Al Mansouri also had a meeting with Philippine Trade Secretary Gregory Domingo who told that the Minister is inviting the Philippines to come and explore business opportunity in UAE.
”They also invited us to come over to UAE to bring a business delegation. They also invited us to participate; they have a big investment forum in Dubai wherein above 4,000 investors (globally) would be there,” Domingo told reporters at the sidelines of the business forum.
The delegation of UAE is composed of 22 senior-level business delegates from a wide-variety sectors which include hotel, oil, and petrochemical ventures among others.
”Utilize the delegation that we brought here. Because it is a high-ranking delegation because most of them would like to explore in details the possible opportunities that the Philippines that might find for our investor. I want you to capture this moment,” said Al Mansouri.
Al Mansouri also urged Filipino businessmen to explore opportunities in knowledge economy in UAE as the Arab country aims to grow the share of knowledge economy to its gross domestic product (GDP) to 5.0 percent in 2021.
The Minister noted that UAE is reducing its reliance to oil production and broaden the scope of its economy to other sectors such as aviation and knowledge economy among others.
He also acknowledged the overseas Filipino workers contribution to the growth of its economy.
”We would also like to assure you that your brothers and sisters in the UAE which is estimated to be more 500,000, who call UAE their home, continue to enjoy safe and harmonious living in our country. (We are) very proud of their contribution and achievement in our country. They are one of the best people who (are) contributing to the economy of the UAE,” told Al Mansouri.
”I am confident that we will witness many more sets of opportunities for our nation and the Philippines… Converting these opportunities to possibilities is essential for us that we will built for prospect,” the Minister concluded. (PNA)