Philippines Undersecretary of Department of Trade and Industry to QNA: HH the Amir’s Visit Confirms Determination to Establish Strong Economic Relations

HE Undersecretary of the Department of Trade and Industry of the Republic of the Philippines Allan B. Gepty confirmed that the visit of HH the Amir Sheikh Tamim bin Hamad Al-Thani to Manila is an indication of the strong determination of the two countries to establish strong economic relations at the trade and investment levels. In a statement to Qatar News Agency , Gepty described the visit of HH the Amir as an "important milestone in diplomatic relations between the Philippines and Qatar, especially in economic relations, as His Highness the Amir's visit will also send a positive message that both countries are moving forward in establishing stronger economic, trade and investment relations". His Excellency added that "another important outcome of His Highness the Amir's visit is that it will enhance investor confidence, not only in pursuing trade and investments, but also in the field of relations between the two friendly peoples". His Excellency stated that the State of Qatar is the 31st trading partner of the Philippines, and ranks 40th for Philippine exports, and 21st as a source of imports, based on last years data. He explained that exported goods include helicopter parts, in addition to some other agricultural and food products, while imported goods from Qatar include mostly petroleum products such as butane and light oils. His Excellency pointed out that the volume of trade exchange between the two countries jumped to 600 million US dollars in 2022, compared to only 214 million dollars in 2019, which is an indication of the extent to which trade relations have improved, hoping to raise the level of trade exchanges and create more opportunities for Filipino products in Qatari markets. Gepty also stated that the trade balance between the two countries is largely in favor of Qatar, indicating that this is due to the nature of the products imported from Qatar which are more expensive compared to the Philippine products exported to it. His Excellency stressed that The Philippines seeks to improve trade in dicators with the State of Qatar, in addition to developing relations in the investment field in light of the presence of many investment opportunities on both sides. "We are focusing on commodity trade, but we are also looking to improve in the areas of services and investments, whether in the Philippines which has important investment advantages, or in the State of Qatar which also has a lot to benefit from Filipino companies, professionals and service providers", His Excellency said, adding that The Philippines is well placed as an ideal center for investment activity, and as an important base for innovation based on research, development and manufacturing based on advanced technology in Southeast Asia, "which makes it an attractive destination and a focus of interest for Qatari investors". His Excellency said that The Philippines has a large number of training and research institutions that support innovation in various government universities and colleges, with a strong system for protecting intellectu al property, which makes it a partner with high potential in this field, in addition to the availability of qualified competencies in the field of research and development. His Excellency also touched on The Philippines' efforts to move towards green economy, "which provides many opportunities for Qatari and foreign investors, especially in the field of renewable energy, such as solar energy, wind energy, tidal energy, and others". He also pointed to the country's capabilities in the field of semiconductor and electronics manufacturing, and digital services such as digital banking, financial services, etc, pointing out that The Philippines' economy is witnessing continuous growth thanks to wise economic policies, "as the country's gross domestic product rate reached 5.6 percent and 6 percent in the past two years". In a related context, he pointed out the importance of cooperation between the State of Qatar and the Philippines in the field of maritime transport, saying that "the two countries should explore the maritime sector further, and since the Philippines is made up of multiple islands, we need to strengthen the maritime sector, and this includes the shipping industry and the modernization of sea ports and logistics services ... Given the opportunities and advantages that the Philippines has in this area, working closely together on this matter is recommended". His Excellency stressed the need to encourage the private sector to cooperate to explore investment opportunities available in the Philippines and Qatar and enter into partnerships that serve the economic trends and relations between the two countries. He pointed to the upcoming role of the Philippine-Qatari Business Council in setting a road map for the path of cooperation and partnerships in vital sectors of interest to both parties. His Excellency also talked about the advantages that The Philippines offers to investors "according to a very clear, stable and transparent legal and institutional system", as well as the trade agreements concluded between it and countries and economic blocs, which give the investor opportunities to export to other markets. At the conclusion of his remarks to QNA, HE Undersecretary for International Trade at the Department of Trade and Industry of the Republic of the Philippines Allan B. Gepty stressed that the Philippines attaches great importance to relations with the State of Qatar and building cooperation and partnership in various fields, including the commercial field. His Excellency expressed his hope to continue consultations and discussions between the two countries to overcome any obstacles that prevent promoting trade exchanges. Source: Qatar News Agency