During President Rodrigo Duterte’s visit to the Middle East, the Philippines was able to secure $200M of business investment from Qatar adding to the total of $925 million of deals made during the trip in the Middle East.
According to Presidential Spokesperson Ernesto Abella, the investments signed between Qatar and Philippines will produce about 6,000 jobs.
These deals cover areas such as retirement villages, tourism, information technology, ecozone management, hospital and medical tourism, poultry and halal food processing, manufacture and export facilities of nano-structure carbon, and agro-industrial ecozones.
A Deal Long Time Coming
One of the deals signed during the visit in Qatar is the Investment Potential Promotion Agreement. The agreement aims to provide “basic rights and guarantees” for investors from both the Philippines and Qatar.
According to Lopez, this deal has been 9 years in the making and may open a $1billion investment funds from the Qatari Sovereign Fund,
“There has been a lot of work put into many legal and economic aspects of the negotiation. It is just our desire to finally put a completion into this negotiation and have a more meaningful agreement,”
Health, Culture, and Technology
The two governments also made a deal on the cooperation of both nations to all important fields of health. It includes joint activities with international health organizations in areas like healthcare research and exchange of experts, scientists, and internships.
The government has also signed to promote “bilateral exchanges” in culture and arts, like exhibits and translation of literary works. And to promote technical-vocational education for both countries’ professionals and trainees.