MANILA, 27 February 2005 — A group of Saudi investors is in the Philippine capital to look into possible investment partnerships with Filipino businessmen.
Led by Abdul Rahman Al-Jarieshy, chairman of the Saudi Chamber of Commerce and Industry (SCCI), the 35-member delegation arrived in Manila yesterday upon the invitation of the Philippine Chamber of Commerce and Industry (PCCI).
Also leading the delegation is Dr. Fahd Al-Sultan, secretary-general of the SCCI.
The group will stay in the country until March 3, said Saudi Arabian Ambassador Mohammed Ameen Wali, who has been coordinating with the PCCI to ensure the success of the mission.
The PCCI organized a business conference designed to match members of the Saudi business delegation with their Filipino counterparts.
“Both groups will get together to explore all possible trade and investment opportunities whereby the businessmen both here and in Saudi Arabia can invest and participate,” said the PCCI in a press statement.
Trade between Saudi Arabia and the Philippines is considered “negligible” despite their long-standing partnership.
In 2004, the trade and statistics department of the National Statistics Office (NSO) in Manila reported that the Philippine balance of trade with Saudi Arabia for January to October 2004 was a negative $203 million. That means Saudi Arabia exported more to the Philippines but was importing less Philippine products.
Total trade stood at $206 million, $204 million being imports and 1.61 million exports.
The NSO further said total external trade for the month of October was at $7.419 billion, with Japan being the country’s largest trading partner. Total balance of trade stood at $81.93 million.
For January to October, the NSO said total external trade reached $66.54 billion, with a balance of trade showing a deficit of $1.257 billion, meaning the country imported more goods than it exported.
According to the NSO, electronic products accounted for 43.1 percent of the total import bill for October at $1.582 billion.
Imports of mineral fuels, lubricants and related materials ranked a poor second with 13.2 percent or $484.1 million share of external trade while industrial machinery and equipment ranked a negligible third.