Duterte invites Saudi bizmen to invest in PH

Ron Gagalac, ABS-CBN News

Posted at Apr 12 2017 09:37 PM

Pres. Duterte meets with Saudi businessmen in Riyadh and invites them to invest in the Philippines. Photo by Ron Gagalac.

RIYADH, Saudi Arabia - President Rodrigo Duterte met with Saudi businessman at the Saudi Chamber of Commerce office in Riyadh and invited them to invest in the Philippines.

Trade and Industry Sec. Ramon Lopez said the president personally talked to the businessmen to buy more of the country's products and take advantage of the economic growth of the Philippines. 

"We will make it easy for you to do business, and you are guaranteed on your return of investments," the President said in his speech before the Saudi businessman.

"We need investments in my country, and if you may want to go there and invest, we can give you the best place to go about earning. Feel free, we will give you the best incentive and the best environment we can offer," the President added. 

Duterte explained that agriculture is a major part of the Philippine economy and the country can offer much in terms of food.

"We hope someday our products will find their way in and acceptable to your standards," Duterte said. 

The President also thanked the Saudi business community for hiring Filipinos in their companies. 

"I have to make the trip to thank you for hosting almost a million workers here. You help our country educate our people because they remit money and finance their families education," the President said. 

Lopez said there were already pledges on the part of Saudi businessmen to invest more money in the Philippines in various fields. He said at least seven business agreements were forged by the Philippine government during the business forum.

"The amount is $470 million that will create 16 thousand jobs in the country" Lopez said.

Expected to benefit from these agreements are businesses located in economic zones and engaged in Halal food production, tourism, pharmaceuticals, manufacturing and agriculture, among others.