Philippines

PH bags total of USD144-B biz deal from Israel, Jordan visits

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PH bags total of USD144-B biz deal from Israel, Jordan visits
By Kris Crismundo

MANILA (Philippines News Agency) — The Philippine delegation was able to secure a total of USD143.58 billion worth of business deals from companies in Israel and Jordan during this week’s visit there by President Rodrigo Duterte.

In a statement Friday, Trade and Industry Secretary Ramon Lopez said Filipino and Jordanian firms inked some USD60.68 billion worth of deals, including memorandums of agreement and letters of intent, in a business forum organized by the agency in Amman Thursday.

These are expected to yield economic cooperation between Manila and Amman in the sectors of logistics, mobile-related service solutions, robotics, and information and communications technology.

“This visit is a milestone for both countries, especially in the areas of trade and investments. It is paving the way to attract investments from a non-traditional partner and encourage more businesses from both countries to explore economic opportunities,” Lopez said.

The biggest of the eyed project in the country is from Nafith International, a logistics planning and operations provider. The trade chief said the Jordanian firm eyes to locate its regional office in the Philippines, investing some USD50 million.

Universal Labs Ltd. also wants to put up a manufacturing facility for Dead Sea products in the country to be exported in other Asian markets.

“We would like to keep the momentum and hype up the interest level of companies to engage and join our growth story. We look forward to this expanded relationship with Jordan that will result in deeper cooperation not only in trade but also on the exchange of best practices on new technologies and business process management,” Lopez said.

Before going to Jordan, President Duterte also witnessed the signing of USD82.9-million worth of business agreements between the Philippines and Israel. (PNA)

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