THE PHILIPPINES and United Arab Emirates (UAE) signed an investment promotion and protection agreement (IPPA) on June 9, with the Trade department expressing an interest in tapping Dubai investment in agriculture and energy, among others.
In a statement on Sunday, the Department of Trade and Industry (DTI) said Trade Secretary Ramon M. Lopez and UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini signed the IPPA, which it said is expected to create 2,500 jobs and over P7.1 billion worth of investment.
“The parties intend to promptly facilitate the internal procedures needed for the entry into force of the IPPA. Sectors of interest from the UAE include import and distribution, the manufacture of scaffolding and formwork, engineering services, defense, telecommunications, tourism, poultry, aerospace, retail (such as medical equipment/devices), and renewable energy,” the DTI said.
The DTI said it is eyeing investment in agribusiness and agriculture, energy efficiency technology and renewable energy, infrastructure and public–private partnership projects, artificial intelligence, information technology and business process management and shared services, manufacturing, oil and gas, processed and specialty food, and tourism and hospitality.
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