Philippines signs investment promotion & protection agreement with UAE

14 Jun '22

1 min read

Pic: Republic of the Philippines

The Philippines and the United Arab Emirates (UAE) recently signed an investment promotion and protection agreement (IPPA), with the former’s department of trade and industry (DTI) expressing interest in tapping Dubai’s investment in agriculture and energy. The agreement is expected to create 2,500 jobs and over P7.1 billion worth of investment.

Philippine trade secretary Ramon M Lopez and UAE minister of state for financial affairs Mohamed Bin Hadi Al Hussaini signed the agreement.

“The parties intend to promptly facilitate the internal procedures needed for the entry into force of the IPPA. Sectors of interest from the UAE include import and distribution, the manufacture of scaffolding and formwork, engineering services, defense, telecommunications, tourism, poultry, aerospace, retail and renewable energy,” the DTI said in a statement.

DTI said it is eyeing investment in agribusiness and agriculture, energy efficiency technology and renewable energy, infrastructure and public–private partnership projects, artificial intelligence, information technology and business process management and shared services, manufacturing, oil and gas, processed and specialty food, and tourism and hospitality.

The agreement established a joint committee on investments that will find areas of bilateral cooperation.

Lopez said IPPA comes at the beginning of the process for forging a Comprehensive Economic Partnership Agreement (CEPA) with UAE.

ALCHEMPro News Desk (DS)

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