RIYADH, 11 March 2005 - The Saudi ambassador in Manila has called on the Philippines to narrow its trade imbalance with Saudi Arabia, according to a report received from Manila.
During a meeting between a delegation from the Riyadh-based Council of Saudi Chambers of Commerce and Industry (CSCCI) and its local counterpart PCCI in Manila recently, Ambassador Mohammed Ameen said the huge trade imbalance must be improved, noting that the Kingdom's trade figures with other countries in Asia are much higher than the Philippines.
Records show that in 2004, Philippine exports to Saudi Arabia reached only $339.15 million, mostly comprising processed foods amounting to $4.811 million; furniture, $4.853 million; garments, $4.338 million; and machinery, equipment, and parts, $122.178 million.
On the other hand, Saudi exports to the Philippines during the same period reached $1.131 billion, largely comprising oil and crude products amounting to $1.116 billion.
"The members of the Saudi delegation have interests in manufacturing, trading, manpower placement, warehousing, transport and logistics, telecommunication, construction and import-export," Wali told the meeting.
During the meeting the visiting Saudi delegation were also urged to explore more business and trade opportunities in the Philippines.
Miguel B. Varela, chairman emeritus of of PCCI (Philippine Chamber of Commerce and Industry), said the Philippines can improve its supply of halal-certified products to Saudi Arabia. Last year, the Philippines exported a total of $6.057 million worth of food and food preparations to the Kingdom.
Varela also cited the need to invest in the country's information technology (IT) and IT-related services, noting the government's liberal trade and investment policies.
Aside from strengthening the ties between the two countries, the Philippine Embassy here has been campaigning among Filipino businessmen to visit the Kingdom and explore the possibilities of locking up deals with Saudi counterparts to import more Philippine products. As a result of such a campaign, a large trade delegation from the Philippines visited the Kingdom on a "selling mission" last year.
