Binay expects more UAE investments in PH

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The United Arab Emirates (UAE) is eyeing more investments in the Philippines, Vice
President Jejomar Binay said during UAE Minister of Economy Sultan Bin Saeed Al-Mansouri’s courtesy call at the Coconut Palace on Wednesday.

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“The Minister is here in the Philippines to increase bilateral trade and relations between UAE and the Philippines,” Binay said.

“We got a good advice from His Excellency, that is we have to be known more in other countries. We just have to do a lot of exposures. We had invited His Excellency to consider investing on manufacturing and services so they can cater to the customers here in Asia,” the Vice President added.

Al-Mansouri said he brought “quite a large delegation” representing different sectors including petrochemicals and real estate.

“A lot of us, this is our first time of being here in the Philippines. It’s an excellent opportunity to explore the potential of investment in the Philippines,” the economic minister said.

“We look at renewable energy to invest here in the Philippines, and that we need to understand the Philippines much better in terms of how we can do business here,” he added.

Al-Mansouri said they were also interested in Philippine companies doing business in the UAE.

“We had a forum yesterday, the secretary of trade was also there, and we met a large number of Filipino companies. We’re very impressed with the profile of these companies.

We believe that it’s about time for the Filipino companies to come out and also explore the potential of doing business in our region,” he said.

Al-Mansouri also invited the Vice President and representations from the Philippine government and the private sector to attend the investment forum in Dubai in April.

“That would be an excellent window for businessmen from the Philippines to as I said to promote what they have, not only for their [country]but also for the region and the world,” he said.

The UAE minister also had nothing but praises for the some 475,000 overseas Filipinos workers in the gulf state.

“We are very proud of their achievements, their participation in the UAE economy and UAE’s social life. They’re doing a wonderful job, a great job. We really feel very close to them and I mean that in every way,” he said.

During their meeting, Binay also thanked Al-Mansouri for UAE’s $10 million pledge for rehabilitation projects in areas devastated by Super Typhoon Yolanda (Haiyan).

Accompanying the UAE minister was Philippine Ambassador to the UAE Grace Relucio-Princesa and Ambassador of UAE to the Philippines Moosa Abdulwahid Alkhajah.

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