DAMMAM, 27 April 2007 — The bilateral trade between Saudi Arabia and Philippines has been growing at a fast pace.
While meeting with a Philippine business delegation comprising representatives of 16 companies at the headquarters of the Eastern Province Chamber of Commerce and Industry (EPCCI) in Dammam on Tuesday, Abdul Aziz Al-Ayyaf, secretary general of the EPCCI, said the trade relations between the Kingdom and Philippines have been becoming stronger.
“The economic relations between the two countries are in excellent condition and have been reinforced particularly in the recent years with increased mutual visits of delegations and businessmen,” Ayyaf said.
The trade exchange between the two countries grew from SR5.4 billion in 2004 to SR9 billion in 2005, he said. While the volume of Saudi exports to Philippines was estimated at SR8 billion, the imports of the Kingdom from the latter were worth SR331 million in the same period. The SR163 million banana imports accounted for more than half of the Saudi imports from the Southeast Asian country.
Ayyaf called on the Filipino businessmen to participate in the construction industry in the Kingdom. He assured the delegation that the chamber in the Eastern Province was willing to arrange for meetings between businessmen of both the countries.
Tomas G. Aquino, first deputy secretary to the Philippines’ trade and industry minister, who headed the delegation, said Philippine companies, with their vast technological expertise, have been looking forward to participate in the Saudi construction projects.
The visiting Philippine delegation lauded the Kingdom’s liberalization of foreign investment regulations. Aquino said the new regulations prompted Philippine companies to invest in the contracting sector in the Kingdom. Filipino businessmen, he said, would like to undertake small-scale construction projects in the initial stage, while alliances of Filipino and Saudi companies would undertake huge construction projects. He also invited Saudi businessmen to invest in the Philippines, particularly in the tourism industry which has been growing fast.
