In a statement on Sunday, the Department of Trade and Industry said Trade Secretary Ramon M. Lopez and UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini signed the IPPA, which it said is expected to create 2,500 jobs and over P7.1 billion worth of investment.
The DTI said it is eyeing investment in agribusiness and agriculture, energy efficiency technology and renewable energy, infrastructure and public–private partnershipand shared services, manufacturing, oil and gas, processed and specialty food, and tourism and hospitality. The IPPA establishes a Joint Committee on Investments which find areas of cooperation between the two countries. The JCI is headed by undersecretaries of the DTI and the UAE’s Ministry of Finance.
“The IPPA will boost investment between the countries and the CEPA will also pave the way for the Philippines’ enhanced access to the broader Middle Eastern region and could be UAE’s strategic hub in the Southeast Asian market,” he added.