The Philippines sees P7.1-billion investments that will create 2,500 jobs from the United Arab Emirates (UAE) following the signing of an Investment Promotion and Protection Agreement (IPPA) between the two countries.

These are in the following sectors: import and distribution, manufacture of scaffolding and formwork and provision of engineering services, defense, telecommunications, tourism, poultry, aerospace, retail (such as medical equipment/devices), and renewable energy.

Trade Secretary Ramon Lopez and UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini signed the IPPA in Dubai on June 9.

The Philippines and UAE also launched the start of the official negotiations for the Comprehensive Economic Partnership Agreement (CEPA).

The IPPA covers a wide range of areas such as protection of investments, national treatment, most-favored nation treatment, transfers, expropriation and compensation, and procedures for investor-state dispute settlement.

The agreement also established a Joint Committee on Investment (JCI) headed by the undersecretaries of the Department of Trade and Industry and UAE’s Ministry of Finance.

The JCI will start investment initiatives and look into areas of cooperation between the countries.

“The IPPA will boost of investments between the countries and the CEPA will also pave the way for the Philippines’ enhanced access to the broader Middle Eastern region and could be UAE’s strategic hub in the Southeast Asian market,” Lopez said in a statement yesterday.

Priority sectors for promotion for Middle Eastern companies, including those from the UAE, are agribusiness and agriculture, energy efficiency technologies and renewable energy, infrastructure and PPP projects, innovation (AI), information technology-business process management /shared services, manufacturing, oil and gas, processed and specialty food, tourism and hospitality.

Philippine products for promotion to UAE include: plastic and rubbers (gloves, of vulcanized rubber, and vulcanized rubber thread and cord), and spices (cloves and pepper).

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