20-10-2023 (MANILA) the Philippines has successfully inked a series of investment agreements totaling more than $4.26 billion with Saudi business leaders. The deals were finalized during a summit held in Saudi Arabia, where Southeast Asian and Gulf nations convened to explore opportunities for collaboration. President Ferdinand Marcos Jr. led the Philippine delegation at the summit, which aimed to strengthen economic cooperation between the two countries.
The agreements, signed on Thursday, encompass various sectors and highlight the growing partnership between the Philippines and Saudi Arabia. One prominent deal involves a construction export services agreement worth $120 million between Saudi’s Al Rushaid Petroleum Investment Co., Samsung Engineering, and the Philippines’ EEI Corp. This collaboration is expected to bolster infrastructure development projects in the Philippines.
Additionally, the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia signed a human resource services agreement worth a staggering $3.7 billion with Al-Jeer Human Resources Company-ARCO. The agreement aims to facilitate the deployment of skilled Filipino workers to Saudi Arabia, addressing the growing demand for qualified professionals in various industries.
Furthermore, Saudi’s Maharah Human Resources Co. sealed a $191 million deal with the Philippines’ Staffhouse International Resources and E-GMP International Corp for human resource services. This agreement will provide employment opportunities for Filipino workers in Saudi Arabia and contribute to the overall economic growth of both nations.
During the summit, discussions revolved around vital sectors such as energy, industry, Islamic financial services, and food security. The talks aimed to identify areas of mutual interest and explore avenues for collaboration and investment. The agreement on human resources signifies the commitment of both countries to address labor market demands and enhance cooperation in the employment sector.
Saudi Arabia has long been a significant destination for Filipino workers, with over a million employed in construction, domestic assistance, and healthcare. The investment deals forged between the Philippines and Saudi Arabia not only strengthen economic ties but also provide opportunities for Filipino workers to contribute to the development and progress of Saudi Arabia.
These recent investment agreements mark a significant milestone in the economic relationship between the Philippines and Saudi Arabia. The collaborations across various sectors demonstrate the shared commitment to fostering economic growth, enhancing bilateral trade, and promoting mutually beneficial partnerships.
Both countries anticipate that these investment deals will further deepen their economic cooperation and open doors for future collaborations. The successful outcome of the summit signifies the strong commitment of the Philippines and Saudi Arabia to forge a prosperous and enduring partnership.
