Presidential Communications Operations Office



  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Friday, 24 May 2019 News Before 1 Feb 2012. Click for Latest
Web PIA  
 
home
 
about
 
fotos
 
info
 
links
 
ncrr01carr02r03calmimr05r06r07r08r09r10r11r12r13
 << May 2019 >> 
S M T W T F S
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31
Special News Editions:
English.Tagalog.Cebuano
Ilocano.Waray.Hiligaynon
Pangasinan.Other
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
Visitors since 15 Feb 2011:
PIA News Archive:
English.Tagalog.Cebuano
Waray.Hiligaynon.Ilocano
Pangasinan.All
PIA Archive News Reader

PIA Press Release
2009/02/05

Saudi investment group coming to the Philippines

Manila (5 February) -- King Abdullah of Saudi Arabia told President Gloria Macapagal-Arroyo on Tuesday that he is sending a high-level business mission to the Philippines in April to look for investment opportunities in the Philippine agriculture sector.

Agriculture Secretary Arthur Yap said Saudi Arabia manifested its intention to expand its investments in the Philippines during an ambush interview last night (Tuesday) at the Filipino community reception held at the Gulf International Hotel convention center here in Manama.

Yap, who, together with Labor Secretary Marianito Roque and Trade Secretary Peter Favila accompanied the President in her two-day working visit to the Gulf Cooperation Council (GCC) states, said the business mission will be headed by Saudi Arabia's ministers of commerce and agriculture.

The President and her lean official party, arrived Monday in Riyadh from Milan, Italy after attending the 2009 World Economic Forum (WFF) in Davos, Switzerland to check the working and living conditions of more than a million overseas Filipino workers (OFWs) in the Kingdoms of Saudi Arabia and Bahrain.

Yap said the Saudi monarch has formed an inter-agency committee composed of the ministries of foreign affairs, agriculture, commerce and industry to come up with an investment program for agriculture in foreign countries, especially in the Philippines.

Yap explained that these investments in agricultural projects in foreign countries are aimed to meet Saudi Arabia's increasing demand for fruits, vegetables and livestock.

He added that Saudi officials have expressed their strong intention to invest in the Philippines because the President enjoys a "high level of credibility and rapport" with leaders of the Gulf states.

The Saudi government has already forged an investment agreement with the Department of Trade and Industry (DTI) on the establishment of a five-star hotel, Raffles and Fairmont, on Ayala in Makati City.

While in Davos, Switzerland last week, the governor of the Saudi investment authority requested a meeting with the President to discuss possible investments in the Philippines.

Yap said the Philippine government expects to finalize the proposed investment agreements when the Saudi ministers of agriculture and commerce arrive in the country this coming April. (PIA-MMIO) [top]

|«  prev  next  »|
DAILY NEWS LIST:
»Civil Registration Month celebrated this February
»DOT focuses regional tourism
»Little known WW2 battle on display at Davao museum
»Feature: Protecting Davao Oriental's wonder
»Davao creates nutrition evaluation team
»PMAP Davao gears up for strategic workforce planning seminar
»San Isidro pursues aggressive tourism promotion efforts
»Gov't earmarks P1-B for Fil-Expat Livelihood Support Fund, PGMA tells OFWs in Riyadh
»Skills-retooling program going to where OFWs are
»Parents, students welcome drug test
|«  prev  next  »|

Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
For comments and feedback, please email PIA Newsdesk
Copyright © 2005 Philippine Information Agency
PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines