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Phillipines seeks Saudi investment

Ambassador points to opportunities in infrastructure, tourism projects

NEWS, Investment, Philippines, Saudi Arabia

The Philippines has held a delegation to Saudi Arabia encouraging the Kingdom's businessmen to invest in tourism and infrastructure projects.

According to Arab News, the Phillipines' Ambassador Ezzedin H. Tago presented his case to businessment at a meeting of the Asharqia Chamber yesterday.

Tago pointed out that the Phillipines is an archipelago with more than 7,107 islands and plenty of beach front potential. He also said the country was home to two UNESCO Herigate sites.

He said the Filipino government was also encouraging outside investment through a public-private partnership programme, with four major infrastructure investments announced in January.

The Kingdom has already provided $20m in investment for road projects as part of a $100m investment in the company.

Asharqiya board member Abdullah A. Almajdouie also pointed out that trade between the two countries was growing.

According to Saudi government statistics, trade between the two countries increased by 36% in 2011 to $3.7bn (SR: 13.9bn).

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