abs-cbnNEWS.com | 05/01/2009
A delegation from Saudi Arabia is set to arrive in Manila next week to explore possible investments in the country's farm sector, the Department of Agriculture said in a statement.
The department said some 25 to 28 representatives from Saudi Arabia's government and private sectors will be visiting the Philippines from May 5 to 10 in response to President Arroyo's invitation to the Saudi government during her visit to the country in February.
DA Undersecretary for Special Concerns Berna Romulo Puyat said the delegation is scheduled to participate in the RP-KSA Business Forum and Business Matching organized by her committee on May 6, followed by a dinner at the residence of the Saudi Ambassador to the Philippines Mohammed Ameen Wali.
On May 7, the group will visit Bohol to explore possible investments in the country's rice and oil palm subsectors. They will end their visit with a courtesy call on President Arroyo, followed by a dinner to be hosted by Agriculture Secretary Arthur Yap on May 8.
Puyat has proposed that the Saudi delegation also visit the cities of Davao and General Santos to explore investments in rice, banana, mariculture parks, commercial fisheries, and fish processing sectors, as well as in Bukidnon for possible ventures in rice, banana, corn, pineapple, livestock, poultry, and oil palm subsectors.
During President Arroyo's visit last February to Riyadh, Saudi Arabia, her official delegation--which included Yap and Puyat--discussed the proposal to invest in food production in Southern Philippines.
According to the website of the Philippine Embassy in Riyadh, Saudi Arabia is the country's leading trading partner in the Arab Gulf States and in the entire Middle East.
In 2007, total two-way volume of trade was reported at S$3.6 billion from S$1.19 billion generated in 2003. However, the balance of trade has always been in favor of Saudi Arabia due to the country's large crude oil imports there. Around 60 percent of the country's petroleum needs is sourced from Saudi Arabia.
Philippine exports to Saudi Arabia, on the other hand, rose to $66.69 million from $39.3 million in 2003, with the country's top export products including food and food preparations, marine products, agri-products, cosmetics, and health care products.
