Marcos: PH, UAE execs agree to expand trade cooperation, strengthen ties
Philippines’ President Ferdinand Marcos Jr. delivers a speech during the 89th founding anniversary of the Armed Forces of the Philippines (AFP) at Camp Aguinaldo in Manila on December 20, 2024. (Photo by TED ALJIBE / AFP)
MANILA, Philippines — Top leaders of the Philippines and the United Arab Emirates (UAE) on Friday agreed to expand trade cooperation to strengthen economic relations, the Presidential Communications Office (PCO) said.
It was discussed during UAE Minister of Investment Mohamed Hassan Alsuwaidi’s courtesy call with President Ferdinand Marcos Jr. in Malacañang.
“I’m happy to see you and discover so many areas that would be possible for us to explore further,” Marcos told the UAE official.
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Alsuwaidi, for his part, highlighted the possible areas of cooperation where the Philippines and the UAE could foster.
“After having discussions today, we really don’t understand why we haven’t historically invested more. Given the amount of opportunities we see, whether it’s in the infrastructure, whether it’s in industrial mining or telecommunication, data centers, or renewables—the size of opportunities, healthcare, are tremendous,” he said.
The UAE was the Philippines’ 18th largest trading partner in 2023.
The approved investments from the UAE amounted to P376.71 million, ranking 18th in 2023, and P82.59 million, ranking 25th, from January to September 2024.
Priority sectors for investment promotion to the UAE include agribusiness or agriculture, energy, public-private partnerships on infrastructure projects, artificial intelligence, and more.
