Kuwait wants to explore more options to expand trade and investments in the Philippines, a high official said on Friday.
Kuwait Ambassador to Manila Musaed Saleh Ahmad Althwaikh said his country, whose investments in the Philippines are mostly in agriculture-related enterprises, wants to explore more options to broaden its business opportunities here, Finance Secretary Carlos Dominguez 3rd said in a statement.
The ambassador has sought the assistance of the Department of Finance (DOF) in establishing a business chamber here as part of its efforts to expand trade and investments in the Philippines.
Althwaikh said Kuwait wants to take advantage of the “new era of investments” in the Philippines, particularly in the fields of energy development and tourism, and forge partnerships with Filipino businessmen by setting up a local Kuwaiti chamber of commerce and industry.
Moreover, Dominguez committed to seek the help of the Philippine Chamber of Commerce and Industry through its president George Barcelon, in setting up Kuwait’s chamber of commerce here and establishing strong linkages with Filipino businessmen.
The finance chief also informed the ambassador that to further attract investments to the Philippines, the Duterte administration “will be proposing legislation to cut corporate taxes” and relax constitutional restrictions on foreign ownership.
Althwaikh informed Dominguez that he has sent a formal letter of invitation for President Rodrigo Duterte to visit Kuwait, where some 250,000 Filipinos currently reside and work.